Inner Melbourne's million dollar house median no aberration
Houses within 10 kilometres of Melbourne’s CBD are now typically worth $1 million, new figures from Real Estate Institute of Victoria show.
Inner Melbourne stretches from Coburg in the north, Ivanhoe in the east, Caulfield in the south and Tottenham in the city’s west.
The 87 suburbs rage from Toorak being the most expensive at $2.43 million to Maidstone the most affordable of the inner city ring at $555,000.
The overall median house price for Melbourne’s inner suburbs has risen to $1,027,500 by the end of June, a $13,000 (1.3%) lift in prices from the $1,014,500 median in March.
The March figures were the first time the median for inner-Melbourne hit six figures.
There were 52 suburbs across Melbourne that had a median house price in excess of $1 million in March quarter 2014.
| Toorak EAST MELBOURNE* Kew BRIGHTON MALVERN* CANTERBURY* Balwyn ARMADALE* MIDDLE PARK* Hawthorn EAST* SURREY HILLS Camberwell PORTSEA* IVANHOE EAST* Hawthorn ALBERT PARK* PARKVILLE* SOUTH YARRA* South Melbourne* SANDRINGHAM* Caulfield NORTH* ELWOOD* GLEN IRIS HAMPTON Mont Albert* Balwyn NORTH BRIGHTON EAST Kew EAST* ELSTERNWICK* BLACK ROCK* BEAUMARIS ALPHINGTON* ASHBURTON* MCKINNON* MALVERN EAST FITZROY NORTH* St Kilda East* ORMOND* ST KILDA* Caulfield South* PORT Melbourne FITZROY* BOX HILL* PRAHRAN Bentleigh FAIRFIELD* Mont Albert NORTH* WINDSOR* PARK ORCHARDS* TEMPLESTOWE CARLTON* Carlton North* | $2,430,000 $2,242,500 $1,944,000 $1,915,500 $1,908,750 $1,804,000 $1,740,000 $1,670,000 $1,670,000 $1,669,250 $1,551,000 $1,525,000 $1,520,000 $1,516,250 $1,505,000 $1,487,500 $1,467,500 $1,455,000 $1,335,000 $1,320,000 $1,317,500 $1,310,000 $1,310,000 $1,307,500 $1,305,000 $1,301,500 $1,301,000 $1,270,000 $1,268,500 $1,240,000 $1,220,000 $1,208,000 $1,175,000 $1,155,000 $1,146,000 $1,135,000 $1,127,500 $1,110,000 $1,110,000 $1,095,000 $1,085,000 $1,080,000 $1,065,000 $1,060,500 $1,050,000 $1,050,000 $1,047,500 $1,047,500 $1,045,000 $1,033,000 $1,027,500 $1,005,000 |
The REIV president Neville Sanders said the latest modest lift in the June quarter showed it "wasn’t a spike or aberration".
The March quarter was substantially more than $979,000 in the December median.
There are 83 suburbs that make up inner Melbourne have recorded a 15% boost in auction numbers to 7,282 auctions, with almost 5,400 sold under the hammer.
