Victoria’s million-dollar club has swelled more than any other state’s in the past year, new figures show.
Twenty-one Melbourne suburbs have risen up the ranks to achieve seven-figure median house prices — despite the pandemic curbing the city’s market in recent months.
The city has 119 suburbs with a median of $1m or above, which is up from 98 a year ago, according to realestate.com.au data.
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A freshly renovated two-bedroom house at 103 Williamstown Road, Seddon.
The property has an asking price of $900,000-$950,000.
Trendy inner postcodes Brunswick East, Coburg and Collingwood joined outer-eastern suburbs Box Hill South, Mitcham and Nunawading among the latest standard-bearers for seven-figure sales.
Box Hill South had the biggest jump, moving from a $990,000 median to $1,266,666 by the end of June.
In the west, Kensington, Kingsville, Maribyrnong and Seddon also joined the club.
Aspendale, Niddrie and Spotswood were the only suburbs to drop off the lengthy list.
Spotswood recorded the largest fall, dropping from an $1.03m average one year ago to $940,000 at the end of June.
Harcourts Box Hill agent Dennis Shi said redrawn school zones had brought a section of the suburb into the coveted Box Hill High School catchment area.
No. 83 Gordon St, Coburg is on the market for $1.05-$1.15m.
Period details in the three-bedroom house.
This, coupled with closeness to Aqualink and Box Hill Central, ensured Box Hill South’s northern pocket was leading the suburb’s price surge, Mr Shi said.
“Those areas represent a lot of the very high prices and that drives the median up,” he said.
But experts say price growth in the suburbs could be short lived, with Melbourne’s second COVID-19 lockdown likely to put downward pressure on values.
Industry Insider director Andrew Date said outer suburbs were more likely to drop out of the million-dollar club.
“The inner-city market, during this pandemic, is not going to be as affected as the market further out in the suburbs,” Mr Date said.
“When prices rise, they rise close to the city first and filter out.”
No. 1 Prince Edward Avenue, Mitcham is on a 1036sq m block.
The Mitcham house costs $900,000-$990,000.
Mr Date said supply and demand would dictate which suburbs continued to show price growth.
“The big driver of any price falls, which it’s pretty likely we’ll see, will be increased supply,” he said. “Low supply is holding prices to a point where they haven’t dropped off significantly.”
Realestate.com.au chief economist Nerida Conisbee said while Melbourne led the way for suburbs reaching the million-dollar benchmark in Australia, it was still “too early to tell what impact” the second lockdown would have on the market.
New suburbs to the million-dollar club
Suburb, 2019 price, 2020 price
Blackburn North, $950,000, $1.08m
Blackburn South, $960,000, $1.101m
Box Hill South, $995,000, $1,266,666
Brunswick East, $990,000, $1.001m
Burwood East, $965,000, $1,084,500
Chadstone, $992,200, $1.01m
Cheltenham, $950,000, $1,035,500
Coburg, $925,500, $1,027,500
Collingwood, $930,000, $1.075m
Edithvale, $899,000, $1m
Flemington, $956,750, $1,019,500
Kensington, $902,500, $1115,500
Kingsville, $952,500, $1,017,500
Maribyrnong, $935,000, $1,012,500
Mentone, $995,000, $1,040,500
Mitcham, $902,000, $1.02m
Moorabbin, $960,000, $1.14m
Mt Martha, $950,00, $1,022,500
Nunawading, $899,000, $1,035,500
Preston, $901,000, $1,010,500
Rosanna, $990,000, $1.115m
Seddon, $970,000, $1,009,500
Vermont, $900,000, $1.02m
Wantirna South, $910,000, $1,029,500
Suburbs that fell out of the million-dollar club
Suburb, 2019 price, 2020 price
Aspendale, $1m, $985,000
Niddrie, $1m, $970,000
Spotswood, $1.03m, $940,000
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