Victoria is shaping up to be an expensive place to buy a home, with more than 42 suburbs recording a median house price in excess of one million dollars.
According to recent research conducted by the Real Estate Institute of Victoria (REIV), East Melbourne is the most expensive place to buy a home in the southern state, with the median house price eclipsing $2.6 million.
Deepdene was second on the list, with a median of $2.5 million. Toorak rounded out the top three, with the suburb recording a median house price of $2.2 million.
The list of million-dollar median suburbs is subject to a degree of volatility because some of the most exclusive suburbs have a very low turnover due to their small size.
Deepdene, for instance, has only 846 occupied dwellings according to the research, while neighbouring Balwyn, also a million-dollar suburb, has 4,889 occupied dwellings.
Million-dollar sales have been a regular feature of the market for some time now in the inner eastern suburbs, and over time there will be a gradual increase in the overall number, REIV president Enzo Raimondo has claimed.
The north eastern suburbs is another area that is increasingly seeing million-dollar sales, with four suburbs making the list.