Melbourne’s million dollar home area has skyrocketed
Housing prices in Melbourne continue to grow rapidly, statistics show that every three suburbs of Melbourne is a region with a home price of at least $ 1 million AUD.
Statistics from the Victorian Real Estate Institute show that 90% of suburbs 10 km from the city center and nearly half of the surrounding areas (10-20 km from the city center) now house prices. an average of $ 1,000,000.
Ten years ago, only three neighboring areas in Melbourne had an average house price of 7 digits. Victorian Real Estate Institute president Richmond Simpson said 154/402 suburbs in Melbourne recorded average home prices of $ 1,000,000 or more.
According to Simpson, suburbs with a home price of $ 1,000,000 or more in Melbourne have jumped by 44 in 2017, including the coastal suburbs of Mordialloc, Kingsville in West Melbourne and the Coburg region. North Melbourne.
Meanwhile, regions such as Moorabbin, Craigieburn and Narre Warren North are also seeing prices skyrocketing. Clayton, 19 km southeast of Melbourne, has seen house prices rise significantly by 210% over the past decade to a median house price of $ 1,300,000.
Simpson explained that this growth was driven by low interest rates and a rapidly growing population, while foreigners were under more pressure to buy houses in Melbourne. It is expected that more suburbs in Melbourne will join the multi-million dollar home club.