Melbourne’s Million Dollar Club Grows Melbourne’s Million Dollar Club Grows

Melbourne’s Million Dollar Club Grows

Did you know that more than a third of Melbourne’s suburbs now have a median house price above $1 million?

Information released by Domain Group over the weekend shows that 13 suburbs have joined the list over the past three months – taking the total to 128. Newport and Flemington in the west, Oakleigh and Cheltenham in the south east, and North Warrandyte in the outer north east are some of the new suburbs now boasting a $1 million plus median price.

At the same time, the median for houses in Albert Park, Surrey Hills, Hawthorn East and East Melbourne has moved above $2 million for the first time.

Across the Melbourne market, our median house price is now well above $800k and auction clearance rates are consistently greater than 70%. We’re certainly seeing no sign of a winter slowdown with both sellers and buyers keen to take advantage of strong market conditions.

Low interest rates and incentives for first home buyers are driving good growth in Melbourne’s middle and outer suburbs, and our offices have observed a noticeable increase in auction as the preferred method of sale in these markets as competition for quality properties continues to grow.

All signs point to a bumper spring sales period – and now’s the time to speak to us if you’re looking to sell in spring. Contact your local office today for a complimentary appraisal and expert pre-sale preparation advice.

Greg Hocking