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According to new data from the Real Estate Institute of Victoria (REIV), a third of the suburbs in Melbourne are priced at least $1 million.
Over the last year to the end of September 2017, REIV data shows that 154 Melbourne suburbs out of 402 recorded a median house price of $1 million or more, with the number indicating an increase of 44 suburbs.
Out of those situated within 10 kilometres of Melbourne’s CBD, 90 per cent fall into the median $1 million-plus house bracket.
Richard Simpson, president of the REIV, said that Melbourne has seen large growth over the last 10 years. In comparison, in 2007, there were only 17 suburbs with a median house price of $1 million or more.
“The city’s property market has seen exceptional growth over the past decade, with demand for housing being driven by high levels of interstate and overseas migration,” Mr Simpson said.
“Proximity to the city has always been a key consideration for buyers; however, strong price growth in recent years has seen the premium market expand well beyond the inner-city suburbs.
“The bridesmaid effect has certainly impacted on house prices in the city’s middle ring, with buyers looking for new growth areas within 20km of the CBD. Ten years ago, only three middle-ring suburbs had a median house price of $1 million, [but] now middle Melbourne is home to almost $60 million suburbs.”
REIV has provided data on the shifts of median $1 million suburbs in the inner, middle and outer rings as well as the metro area. Comparing the data set to 10 years ago, the numbers are.
| Ring | Total suburbs - 2017 | Total suburbs - 2007 | Median $1 million+ suburbs - 2017 | Median $1 million+ suburbs - 2007 | Percentage - 2017 | Percentage - 2007 |
| Inner | 77 | 75 | 69 | 12 | 90% | 16% |
| Middle | 122 | 124 | 59 | 3 | 48% | 2% |
| Outer | 203 | 164 | 29 | 2 | 13% | 1% |
| Metro | 402 | 363 | 154 | 17 | 38% | 5% |
The top 10 most expensive suburbs are:
| Suburb | Median house price |
| Toorak | $4,550,000 |
| Brighton | $2,775,000 |
| Canterbury | $2,750,000 |
| Malvern | $2,600,000 |
| Armadale | $2,360,000 |
| Balwyn | $2,300,000 |
| Caulfield North | $2,277,500 |
| Hawthorn | $2,200,000 |
| Camberwell | $2,180,000 |
| Kew | $2,165,000 |
The top 10 suburbs with growth over the last 10 years are:
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