By Robert Larocca

Prahran joins the million dollar club suburbs

According to CoreLogic RP Data, Melbourne now has 52 suburbs with a median house value in excess of 1 million dollars – the data covers the 12 months ending in September.

Melbourne’s most expensive suburb remains Toorak, with a median house value of $2.92m. The median sale price, which reflects the prices paid over the last year has for the first time, exceeded $3m. This indicates a slightly more expensive segment of Toorak has been selling over the last year.

Toorak will clearly be the city’s first $3 million dollar suburb, its just a matter of when.

There are three other suburbs with medians in excess of two million, Deepdene, Canterbury and Kooyong.

From sales volumes perspective, the highest was in Brighton followed by Balwyn North, Kew, Glen Iris and Camberwell.

Putting aside the cost, the million dollar suburb that proved the easiest to buy into was Deepdene were 14 per cent of houses sold in the last year. In contrast Fairfield was a tightly held suburb with only 2.8 per cent of houses selling.

Two new suburbs in the list are Prahran and Williamstown. The median value of a house in Williamstown – the second suburb in the west to reach this level was $1.002m. Prahran’s median for a house is now $1m.

Robert Larocca
CoreLogic RP Data Victoria Housing Market Specialist

Source: RPD

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