Million Dollar Medians
In the year ending May there were 42 suburbs that had a median house price in excess a million dollars.
The most expensive of which was East Melbourne where the median was $2.6M. Deepdene was second on the list with a median of $2.5M and Toorak third at $2.2M. Toorak may have a median lower than East Melbourne or Deepdene but it has a significantly higher volume of very high priced sales as well as the most expensive properties in the city.
The list of million median suburbs is subject to a degree of volatility because some of the most exclusive suburbs have a very low turnover due to their small size. Deepdene for instance has only 846 occupied dwellings according to the census whilst neighboring Balwyn which is also a million dollar suburb has 4,889 occupied dwellings. Whilst this does not affect the sale prices or demand it is a statistical issue that is important to appreciate when reviewing the data.
Million dollar sales have been a regular feature of the market for some time now in the inner eastern suburbs and over time there will be a gradual increase in the overall number. The north eastern suburbs is one area that is increasingly also seeing million dollar sales grow. In the list there is Eaglemont at $1.3M, Ivanhoe East at $1.27M, Ivanhoe at $1.02M and Alphington at $1.02M. These suburbs all have one locational feature in common; they have a frontage to the Yarra River.
Melbourne still have no suburbs with million medians for units, however the most expensive one in the year ending May, Malvern at $987,500 is very close to reaching that level.