According to REIV research the median price of a house in Melbourne has increased by 92 per cent in a decade, from $230,000 in 1999 to $441,875 in the June quarter this year.
Over that time the cities most expensive suburbs have recorded even stronger growth.
The most expensive three suburbs in the last quarter were Toorak with a median of $2,730,500, followed by Brighton at $1,687,500 and Kew at $1,410,000.
This is no surprise as these suburbs have been popular with buyers due to their location, access to parks, schools and proximity to services. It is also the case that the supply of detached houses only increases marginally in established suburbs and prices will invariably increase as the city and its population grows.
For those reasons ten years ago these three suburbs were all in Melbourne’s top ten most expensive suburbs.
The median price a house in Toorak in 1999 was $787,000 which sounds like a bargain when you take into account the increase of 247 per cent in the last ten years.
The story in Brighton is similar where the median was $540,000 and Kew where it was $451,000. Both of these suburbs’ median’s have increased by 213 per cent.
The other suburbs that appeared in the top ten in 1999 were East Melbourne, Canterbury, Middle Park, Black Rock, Armadale, South Yarra and Elwood, these suburbs are also regular inclusions in Melbourne’s most expensive suburbs now.
If interested in learning more about this update please contact me today!
Tags: armadale, Brighton, cent, decade, detached houses, east melbourne, June, Kew, median price, south yarra
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