Houses in Melbourne have been going up a notch as the city is experiencing an increase in wealth. With this, 13 more suburbs have gotten membership to the millions price index. Houses that belong to these suburbs now have a $1 million median house price. Not only that, Melbourne’s wealth is also spreading as it reaches suburbs that are located 50 kilometres from the CBD, giving properties a seven-figured price tag.
For a specific breakdown, 164 suburbs now have a price tag above the known Melbourne median of $903,859, and 143 suburbs included in the 164 now have prices that are higher than a million Australian dollars.
According to the latest Domain Group data, two of the 13 suburbs are Cranbourne South and Wantirna South, and each suburb has reached the million-dollar price tag for the first time. Upon reaching the million dollar club, Wantirna South experienced a 22.8 per cent growth last year. On the other hand, Cranbourne South was a surprising addition to the club for it only had 13 sales in the December quarter. However, those sales were up from $945,500 in the September quarter and made the house price median reach $1,030,000.
And as for reasons how these two suburbs got into the club, Domain reported an explanation from the experts.
Barry Plant Wantirna director Daniel Cripps said that the Well-performing schools and the Knox shopping centre redevelopment was what attracted buyers to Wantirna South, emphasising Westfield Knox revamp to be the second largest shopping centre in the southern hemisphere.
“You’ve got primary schools like Knox Gardens – which is now in the 95th percentile in the NAPLAN results – it’s those sorts of forces that are really drawing families into this area,” Mr Cripps said. “People are looking forward into the future and understanding the impact such development is going to have on the area.”
On the other hand, Brent Day from Obrien Real Estate said Cranbourne South attracted investors who are looking into the future. He also cited families and small businesses also bought properties in the suburb.
“Cranbourne South I think has been kind of a sleeper until now and I think people are buying there now because it’s a little bit cheaper than Somerville and Pearcedale nearby,” Mr Day said.
Median house prices in the country are increasing as time goes by and there are a lot of suburbs who have reached the million dollar price tag. Median house prices are different since this is not the average price of all the properties bought, but the price of the property bought in the middle of the total properties bought—example is for a total of 30 properties bought, the 15th property has the median price.
With this, homebuyers may find it hard to find the right property for them, and business brokers Melbourne can help in looking for the home perfect for the budget and checklist right in the hubs of Melbourne.