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Melbourne bayside suburb joins million-dollar club

25 February 2019 Tim Neary

One rising suburb half an hour from Melbourne’s CBD is the latest to join the million-dollar club in Victoria.

The bayside suburb of Carrum entered the $1 million club for the first time in the last quarter of 2018, following a 10 per cent increase in the median house price.

REIV president Robyn Waters said that 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.

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“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 by 19.6 per cent from $1.73 million to $2.07 million.”

Ms Waters said that there were 10 suburbs with a median of more than $2 million at 31 December 2018. She also said that Toorak is the closest suburb 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,” she 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 2,000 units sold for more than $1 million in Victoria.”

Melbourne bayside suburb joins million-dollar club
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