Melbourne’s new million-dollar suburbs where the median house price has cracked seven figures have been revealed.
Many are in the middle and outer ring, from 10km to more than 20km from the CBD, with all sides of the city represented.
Real Estate Institute of Victoria president Adam Docking said there was a clear trend in sea change and tree change purchases since the onset of Covid-19.
The city also spent more days in complete lockdown in the September quarter than in previous quarters, which had put pressure on stock and prices.
Melbourne’s median house price grew 13.8 per cent over the year to September to a new median of $1.072m, according to the REIV’s latest quarterly data.
The figures represented the state’s fourth consecutive record-breaking growth quarter.
“There’s a distinct correlation between a lack of activity in the market and prices and, as Victoria emerges from Covid-19 restrictions, we expect the market to stabilise,” Mr Docking said.
“That said, a late start to the typically busy spring selling season means momentum should continue through to Christmas. And a return to in-person inspections is giving buyers and sellers more confidence to transact.”
The city now has 173 suburbs with a median house price of $1m or more.
Newcomers included Avondale Heights, Chelsea Heights, Croydon North, Greensborough, Upwey, Dromana, Keysborough and Coburg North.
Airport West was another suburb to hit seven figures in the quarter.
Nelson Alexander agent Mark Giardina said family buyers flocked to the area for its popular schools, including St Christopher’s Primary and the Penleigh and Essendon Grammar School.
Melbourne’s western suburbs had previously had a bad reputation, but he said that had changed “years ago”.
Keilor Rd was a popular precinct for shoppers and there were also good public transport connections.
“The demand from people who are looking, who are missing out, they’re bringing that money out that little bit further to the next suburb, the fringe suburb, and Airport West gets all the benefits from it,” Mr Giardina said.
“They’re not really sacrificing much to go out to an outer suburb.”