Melbourne's most tightly held million dollar suburbs: RP Data
While most people are not buying homes in the city’s million dollar suburbs, if you were, which would be the easiest to purchase in?
Based on the latest housing market information from RP Data, Melbourne has 46 suburbs with a median house value in excess of one million dollars. Toorak had the highest value at $2,756,000 and Ormond the lowest at $1,005,000.
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Photos: 16 St Georges Road, one of Melbourne’s most significant homes, which Property Observer gleans sold for around $21 million back in September 2013.
Values may range between Toorak and Ormond, however, if you are a buyer it will be numerically easier to purchase in a suburb with a larger number of houses on the market.
For instance the $5 million suburbs with the highest number of houses on the market were: Portsea, Brighton, Toorak, Balwyn and Canterbury. In these cases between 7.2% and 6.1% of houses were on the market over the 12 months ending in November.
That is well above the citywide number of 5.2%.
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Photos: Earlier this week Property Observer reported on the four year old award winning Canterbury contemporary residence of Lynette and Alan Knights, which has been listed for sale. The Melbourne vendors are seeking $3 million plus.
At the other end of the spectrum were some very tightly held but geographically diverse suburbs: Kangaroo Ground, Caulfield, Ivanhoe, Parkville and Kew East. With between 2.3% and 3.1% of houses on the market buyers had a much harder task buying.
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Photos: This seven bedroom house at 155 Kangaroo Ground Street and Andrews Road, Kangaroo Ground is currently listed for sale with an estimated sales range of $1.7 million to $1.9 million through Tristan Messerle and Graham Morrison of Morrison Kleeman Estate Agents.
Interestingly, there is little correlation between how tightly these suburbs are held and other property data such as changes in sale prices, value or even geography. This is an interesting fact for buyers and shows that sometimes if you are fixed on a certain suburb for your home it may take a lot longer than elsewhere.
Robert Larocca is Victorian housing market specialist for RP Data.