The million-dollar question

The latest data insights from the Real Estate Institute of Victoria/ Aug. 2021/ Vol. 85 are out and it provides a fascinating account of the real estate market.

The number of million- dollar suburbs in Victoria has quadrupled over the past decade, from 44 to 194 suburbs, including seven from regional Victoria. Based on the current growth rate, an estimated further 80 suburbs will join the million-dollar clean in the next five years.

The growth of house prices is likely to make units and apartments an attractive and more affordable proposition. Units in 16 suburbs recorded a median price of $1 Million or more

In 2011 median prices within the inner ring:

Toorak, $2,325,000 (leading) and in 2021, $4,900,000

Brighton, $1,630,000 (Melbourne middle band), and in 2021, $3,200,000

The highest median among outer suburbs in 2011 was at $1,692,000 in Shoreham (Mornington Peninsula)