Melbourne’s Ever Expanding Million-Dollar Club
When house hunting, many buyers are making decisions based on proximity to schools, universities, shops and restaurants, public transportation and/or freeways. Many would think these are just basic requirements for a suburb when purchasing a property. In recent years, the median value of house prices has soared. Ten years ago, there were only five Melbourne suburbs with a median house price of $1 million. Now there are one hundred and twenty-one, most of which surround the inner city.
For a comprehensive list of these $1 million dollar suburbs, please click here. This information is provided by the Real Estate Institute of Victoria.
Noticeably, the eastern suburbs have attracted a huge demand due to its ideal location. Glen Waverley, a South-East suburb 20 kilometres away from Melbourne CBD, joined as a member of the ‘Million clan’ in 2015. This developing suburb is close to many quality primary and secondary schools as well as tertiary institutions. Glen Waverley also boasts the The Glen Shopping Centre which is undergoing a $490 million upgrade and has a train line based in the suburb. There are numerous cafes/restaurants such as the famous Kingsway Strip-known for its thriving Asian food scene and a high number of sporting facilities/recreational centres.
Being only a thirty-minute commute to the CBD, it’s easy to understand why the prices have increased and continue to do so for this suburb. Essentially, the demand for locations on the outskirts of the inner city has been one of the driving forces behind the expanding list of million dollar suburbs in Melbourne. This now includes suburbs such as Mount Waverley, Box Hill, Chadstone, Blackburn, Wheelers Hill, Vermont South, Clayton and Wantirna.
While the ‘Million-dollar club’ continues to grow, a new group appears to be developing. A $2 million club has now emerged and already includes a substantial list of suburbs. This includes suburbs such as Armadale, Balwyn, Brighton, Camberwell, Canterbury, Deepdene, Kew, Kooyong, Malvern, Middle Park, St Kilda West and Toorak. It’s safe to say the ‘exclusive’ groups will continue to spread throughout Melbourne. Favourable suburbs will continue to increase with popularity and push some buyers to look elsewhere to the outer suburbs.
Our SPI central office is ideally located in Melbourne’s eastern suburbs in Vermont South. We service clients for both residential and commercial inspections across Melbourne metro, North and North-East Victoria, Mornington Peninsula, Geelong and Central Victoria.
(credit to Domain Group for statistics & data).