East Melbourne tops Melbourne's 42 million dollar property suburbs: REIV
The REIV has issued a list of the suburbs in Melbourne that have a median house price in excess of $1 million.
It covers all sales in the past year.
The REIV notes due to some suburbs small size or low volume of sales on a quarterly basis a median house price may not be suitable for calculation, however using sales over the year ensures a more representative picture.
In the 12 months ending May 2013, Melbourne had 42 suburbs with a median house price in excess of a million dollars.
| East Melbourne DEEPDENE Toorak CANTERBURY BRIGHTON RED HILL SOUTH ARMADALE St Kilda WEST MALVERN Hawthorn KEW SOUTH YARRA ELWOOD MIDDLE PARK Camberwell BALWYN EAGLEMONT PARKVILLE Caulfield NORTH ALBERT PARK IVANHOE EAST RED HILL Caulfield Hawthorn EAST Glen Iris SURREY HILLS ELSTERNWICK KANGAROO GROUND PORTSEA HAMPTON SANDRINGHAM PRINCES HILL Mont Albert BRIGHTON EAST KEW EAST BLACK ROCK MALVERN EAST YARRAMBAT BALWYN NORTH IVANHOE ALPHINGTON FLINDERS | $2,600,000 $2,512,500 $2,225,000 $1,800,000 $1,750,000 $1,687,500 $1,660,250 $1,487,500 $1,471,500 $1,426,500 $1,380,000 $1,360,500 $1,342,000 $1,340,000 $1,331,500 $1,315,000 $1,310,000 $1,280,000 $1,278,750 $1,276,250 $1,270,000 $1,250,000 $1,247,500 $1,215,500 $1,200,000 $1,191,500 $1,160,500 $1,155,000 $1,150,000 $1,132,500 $1,103,000 $1,098,250 $1,095,000 $1,075,000 $1,060,000 $1,050,000 $1,050,000 $1,045,000 $1,033,500 $1,020,000 $1,017,500 $1,010,000 |
The REIV's Robert Lorocca noted the north eastern suburbs was one area with increasing million dollar sales including Eaglemont Eaglemont, Ivanhoe East, Ivanhoe and Alphington.
"These suburbs all have one locational feature in common; they have a frontage to the Yarra River."
The REIV noted there were no suburbs with million medians with the most expensive one in the year ending May, being Malvern at $987,500.
Source: REIV
