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$1 Million Dollars – No longer a title reserved for the big end of town.

You will either be excited about this news or go home and cry – depending on which side of the home ownership fence you’re on.

The number of National suburbs with a median house price of seven figures is rising significantly. Unsurprisingly, NSW and Victoria make up 87 per cent of the 760 suburbs nationally.

Over five years to December 2016, the number of suburbs across the country with a median value of at least $1 million rose by a 176%. What is even more frightening, or pleasing, is that by the end of 2016, 136 suburbs had a median house price of at least $2 million, an increase of 249% over the five years.

With a 15% annual increase in Melbourne’s median house price over the past year — and 4% over the quarter — there was always going to be a big increase in the number of suburbs in the million-dollar club.

The doors to Melbourne’s once-exclusive $1 million club have been blown wide open, as house prices continue to soar across the city. There are now 120 suburbs with a seven-digit median house price, with 23 new entrants over the past six months.

These entrants include the inner-ring suburbs of Fitzroy, St Kilda, South Melbourne, Richmond, Balaclava, Northcote and new middle-ring suburbs include Wonga Park, Wheelers Hill, Vermont and Donvale. Though Seddon and Yarraville have long been hot spots in the inner west, they have officially hit $1 million over the past six months — and Newport is not far away.

It is a similar story in the inner north, where Brunswick, Brunswick East, Brunswick West and Thornbury are now on the property rich list. A fresh batch of million-dollar postcodes are also emerging in the south-east, including Narre Warren North, Moorabbin, Chelsea and Aspendale. In the outer-east, Burwood East, Blackburn North, Blackburn South and Forest Hill now have a $1 million house median.

There are now also 14 Melbourne suburbs with a $2 million median price. In comparison, there are 78 Sydney suburbs in the $2 million club. Suburbs with a $2 million median were genuinely prestigious.

No longer is a title reserved for the big end of town or the benchmark for prestige. Suburbs once considered middle class areas are ticking over into seven-figure median house prices at a rate we’ve never experienced.

 

Suburb Mar-17 Median
TOORAK $4,000,000
MALVERN $3,010,000
CANTERBURY $3,000,000
BRIGHTON $2,906,000
HAWTHORN EAST $2,637,000
CAULFIELD NORTH $2,327,000
CAMBERWELL $2,295,000
BALWYN $2,290,000
HAWTHORN $2,265,000
KEW $2,165,000
MONT ALBERT $2,130,000
EAGLEMONT $2,064,000
SURREY HILLS $2,055,000
ARMADALE $2,050,000
ST KILDA EAST $2,010,750
SOUTH YARRA $2,005,000
ELSTERNWICK $2,000,000
ALBERT PARK $1,925,000
BALWYN NORTH $1,925,000
HAMPTON $1,922,500
GLEN IRIS $1,900,000
BLACK ROCK $1,880,000
KEW EAST $1,878,000
MCKINNON $1,850,000
BRIGHTON EAST $1,840,000
CAULFIELD $1,833,000
ASHBURTON $1,800,000
SANDRINGHAM $1,800,000
BOX HILL $1,750,000
PORT MELBOURNE $1,735,000
CARLTON NORTH $1,730,000
MALVERN EAST $1,725,000
CAULFIELD SOUTH $1,635,000
FITZROY $1,635,000
SOUTH MELBOURNE $1,620,000
LOWER PLENTY $1,602,500
IVANHOE $1,589,500
ORMOND $1,589,000
FLINDERS $1,581,750
PRAHRAN $1,581,251
WONGA PARK $1,580,000
WINDSOR $1,570,000
GLEN HUNTLY $1,563,000
TEMPLESTOWE $1,552,000
PARK ORCHARDS $1,507,500
RICHMOND $1,482,500
BEAUMARIS $1,475,000
ESSENDON $1,470,000
NORTHCOTE $1,462,000
BRUNSWICK EAST $1,454,750
MONT ALBERT NORTH $1,450,000
BENTLEIGH $1,448,000
BOX HILL NORTH $1,442,000
FITZROY NORTH $1,440,500
ST KILDA $1,435,000
BURWOOD $1,432,500
MOONEE PONDS $1,432,500
CLIFTON HILL $1,430,000
ELWOOD $1,430,000
MURRUMBEENA $1,421,000
CLAYTON $1,415,000
BOX HILL SOUTH $1,406,000
GLEN WAVERLEY $1,395,000
MOUNT WAVERLEY $1,390,000
WARRANDYTE $1,387,500
HAMPTON EAST $1,365,000
BLACKBURN $1,350,000
CARNEGIE $1,350,000
DONCASTER $1,346,750
ASHWOOD $1,346,625
WILLIAMSTOWN $1,343,750
PARKDALE $1,332,000
ABERFELDIE $1,322,500
COLLINGWOOD $1,320,000
HIGHETT $1,295,000
ASCOT VALE $1,292,000
ABBOTSFORD $1,290,000
SORRENTO $1,281,000
BULLEEN $1,272,500
BRUNSWICK $1,271,000
MOUNT ELIZA $1,270,444
BENTLEIGH EAST $1,270,000
THORNBURY $1,256,000
KENSINGTON $1,247,500
OAKLEIGH EAST $1,228,000
BLACKBURN SOUTH $1,212,000
DONCASTER EAST $1,210,000
MENTONE $1,200,000
DONVALE $1,195,000
BALACLAVA $1,185,000
BRUNSWICK WEST $1,180,000
TEMPLESTOWE LOWER $1,170,750
VERMONT SOUTH $1,151,000
BLACKBURN NORTH $1,150,000
NARRE WARREN NORTH $1,133,000
MITCHAM $1,125,000
BURWOOD EAST $1,119,750
STRATHMORE $1,105,000
NEWPORT $1,100,000
WATERWAYS $1,100,000
FOREST HILL $1,096,000
ROSANNA $1,095,000
KINGSVILLE $1,085,000
NIDDRIE $1,065,000
EDITHVALE $1,059,000
ASPENDALE $1,055,000
VIEWBANK $1,052,500
CHELTENHAM $1,050,250
MOORABBIN $1,043,000
OAKLEIGH $1,029,000
SEDDON $1,028,500
CHELSEA $1,025,000
VERMONT $1,020,000
WHEELERS HILL $1,015,000
CHADSTONE $1,013,500
MOUNT MARTHA $1,012,500
BONBEACH $1,005,000
YARRAVILLE $1,001,000
COBURG $1,000,000
PRESTON $1,000,000