Melbourne's million-dollar suburbs
Melbourne is fast becoming a high-end buyer's market, with more and more postcodes joining the ...
Melbourne is fast becoming a high-end buyer's market, with more and more postcodes joining the million-dollar club.
According to Real Estate Institute of Victoria (REIV) data, 39 suburbs across the Victorian capital now boast median residential property prices of at least $1 million, with most located in inner-city areas.
However, there are also a number of new additions to the list that are located on the fringe of the city.
Kangaroo Ground, located 35 kilometres north-east of the CBD, has an average house price of $1.06 million, while Warrandyte South - also situated north-east of the city - has a median dwelling price of $1.32 million.
The average cost of a property in Red Hill South, located 90 kilometres south-east of Melbourne on the Mornington Peninsula, will set you back $1.68 million.
"Each is on the edge of the metropolitan area meaning that proximity to the CBD is not a factor underpinning their high prices," the REIV stated.
"As suburbs on the edge of the city they share quiet bush settings and low density."
The most expensive Melbourne suburb is East Melbourne with a median house price of $2.54 million, followed by Toorak with an average asking price of $2.2 million.