Carrum joins $1m Melbourne house price club

Written by realestateview.com.au in Property News on March 4, 2019

 

The bayside suburb of Carrum entered the $1 million club for the first time in the last quarter of 2018, following a ten per cent increase in the median house price.

REIV President Robyn Waters said Carrum was the only suburb to join the 127-member $1 million club in the October-December quarter of 2018.

“Carrum’s bayside location and existing infrastructure including train station and schools make it a popular choice for families, young people and retirees,” Ms Waters said.

“The new Skyrail may also have contributed to this boost in property values as well as an increase in culinary and entertainment options in Carrum and its neighbours such as
Patterson Lakes and Chelsea.

“Another bayside locale, Elwood, also performed well in the final quarter of 2018, with the median house price increasing 19.6 per cent from $1.73 million to $2.07 million.”

There were 10 suburbs with a median of more than $2 million at 31 December 2018 with Toorak the closest to tipping into the $3 million club with a median of $2.8 million.

“For the first time, Carlton broke into the $2 million club in 2018 as a result of a median house price increase of 36.9 per cent in the December quarter,” Ms Waters said.

“Carlton joins Toorak, Armadale, Hawthorn, Black Rock, Albert Park, Malvern, Elwood, Balwyn and Canterbury in the top 10 most expensive Melbourne suburbs for median house
price.

“Brighton was just nudged out in 11th place with a house median of $1.99 million. Last year, 11,300 houses and 2000 units sold for more than $1 million in Victoria.”