Kangaroo Ground among little-known $1 million Melbourne suburbs: REIV
Three unlikely Melbourne suburbs have appeared on the Real Estate Institute of Victoria's (REIV) million-dollar suburbs list, but share very few characteristics with well-known $1 million-plus hotspots like inner-suburban East Melbourne and the coastal enclave of Brighton.
In the year ending February 28, REIV’s $1 million suburbs list contained 39 suburbs, including Kangaroo Ground, Warrandyte South and Red Hill South.
Kangaroo Ground is located 26 kilometres northeast of Melbourne’s CBD and has a median house price of $1,062,500.
The average size home is four bedrooms and the suburb population is 1,014.
Not far from Kangaroo Ground is Warrandyte South – 24 kilometres northeast of Melbourne CBD – which has a median house price of $1,325,000.
The average size home is five bedrooms and the population of the suburb is 647 persons.
Towards the Mornington Peninsula sits Red Hill south, with a median house price of $1,687,500.
The average size home is four bedrooms and the population of the suburb is 1,170 persons.
The REIV’s Robert Larocca says each of these suburbs are on the edge of the metropolitan area, meaning that proximity to the CBD is not a factor underpinning their high prices.
Larocca says it’s a lifestyle choice to purchase in these suburbs, as buyers could live much closer to the CBD for the same price.
Characteristics that differ from their inner-city counterparts include larger dwellings – four to five bedrooms are the average – and larger blocks.
The average size block in Kangaroo Ground is 14-acres and the median age of residents are 40 years old.
“The higher average age underpins very high levels of home ownership, between 41% to 52%, compared to the city wide average of 33%,” says Larocca.
The three suburbs don’t appear in the quarterly median price series due to their small sizes and their low volume of sales.
Larocca says the trend will likely continue as the city becomes more dense and suburbs in green wedges become comparatively scarce, desirable and expensive.
A five-bedroom, four-bathroom home on Kangaroo Ground-Warrandyte Road is listed for sale for over $2.3 million.
The 40-square-metre home sits on approximately 2.45 hectares.
It has been listed by Morrison Kleeman Estate Agents Eltham and last sold in 2009 for $1.3 million.
A four-bedroom home on Green Ridge in Warrandyte South (pictured below) sold on March 8 for around $1.5 million.
It boasts two bathrooms, a heated outdoor pool and spa and a Balinese hut with a wet bar.
The house was built in 2000 and sits on just over 0.4 hectares of land.
A four-bedroom, two-bathroom home on Paringa Road, Red Hill South (picture below), is currently on the market for offers over $1.7 million.
Situated on a 5.6-hectare block, the property boasts a tennis court and an orchard.
It has been listed by Blane Paton from Paton Estate Agents Balnarring.
