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.
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.
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.”
New suburbs to the million-dollar club
- Blackburn North
- Blackburn South
- Box Hill South
- Brunswick East
- Burwood East
- Mt Martha
- Wantirna South