No. 20 Merbein Street is on the market in Pascoe Vale – one of the suburbs tipped to hit a median of more than $1m.
Half of all Melbourne suburbs will soon cost homebuyers more than $1 million for a typical house in the rising market.
More than 40 per cent of suburbs across the city are currently at a median house price of more than $1m, and new data suggests it won’t be long before it reaches 50 per cent, according to realestate.com.au.
A whopping 18 new suburbs are tipped to hit a $1m dollar house price median for the first time within the next 12 months.
RELATED: Melbourne real estate: new million-dollar suburbs unveiled
Melbourne real estate: how far can post-lockdown boom go?
Every Melbourne suburb’s house and unit median sale price: City hits $1m for first time
No. 12 Byron Street, Ringwood, is up for sale with $900,000-$990,000 price hopes.
Interest in sea-change pads like 16 Summerfield Drive, Mornington, has surged since the pandemic.
It comes after the Herald Sun revealed Melbourne’s median house sale price had skyrocketed past $1m in the March quarter.
Rapid growth in the post-lockdown property rush is predicted to push Diamond Creek (18 per cent increase), Hurstbridge (20 per cent), Dingley Village (11 per cent) and Ringwood (11 per cent) to reach a median of more than $1m.
But houses in Rye are forecast to have the biggest increase, with the dwelling type jumping a massive 29 per cent to an expected $1,147,971 median.
The data – which used the growth in median pricing across the past 12 months to project future increases – also showed expected hefty price boosts for coastal homes in Mornington, Chelsea, Dromana, and Frankston South.
No. 207 Melbourne Road, Rye is on the market with a $960,000-$1.05m price guide.
Buyers have flocked to the Mornington Peninsula for its coastal lifestyle.
Realestate.com.au economist Anne Flannery said the list demonstrated how buyers were broadening their search for lifestyle properties further away from the CBD.
“(A lot of the suburbs) are in the outer areas, but they are very well serviced by public transport and most have a train station,” Ms Flannery said.
“So it’s not just looking to move further out, buyers still want to have access to transport and amenities (without) being too far from family and friends.”
She said the impacts of lockdown and the ability to work remotely had generated additional activity in the tree and sea-change markets.
No. 11 Vista Rise, Maribyrnong, is set for auction with an asking price of $780,000-$850,000.
The data revealed interest in Maribyrnong and Keilor was likely to continue, as they soared to a predicted $1,005,055 and $1,021,984 respectively.
“Before the pandemic hit, (the northwestern corridor) was actually already a growth corridor – there has been good population growth there,” Ms Flannery noted.
Wakelin Property Advisory director Jarrod McCabe said the growing number of Melbourne suburbs with a $1m median wasn’t particularly surprising.
“Given there’s a large number of suburbs in Melbourne, it was bound to happen with the overall median for Melbourne getting higher and higher,” Mr McCabe said.
He said the rising pricing was a concern for buyers hoping to break into the market, but noted “access to money has never been cheaper” with record-low interest rates.
More luxury pads like 72 Old Diamond Creek Road, Diamond Creek, are also turning heads.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
PREDICTED NEW $1M MEDIAN SUBURBS
Suburb, median house price, forecast median, growth
Diamond Creek: $882,000 – $1,037,232 – 18%
Mornington: $955,000 – $1,065,450 – 12%
Chelsea: $884,750 – $1,029,977 – 16%
Hurstbridge: $850,000 – $1,021,201 – 20%
Keilor: $937,500 – $1,021,984 – 9%
Dingley Village: $960,000 – $1,064,818 – 11%
Dromana: $850,000 – $1,010,490 – 19%
Macleod: $962,500 – $1,029,340 – 7%
Heatherton – $999,999 – $1,035,195 – 4%
Rye: $890,000 – $1,147,971 – 29%
Frankston South – $915,000 – $1,014,818 – 11%
Pascoe Vale: $950,000 – $1,043,353 – 10%
Maribyrnong: $997,499 – $1,005,055 – 1%
Ringwood – $920,000 – $1,019,759 – 11%
Wantirna: $975,000 – $1,067,818
Heathmont – $950,000 – $1,023,388 – 8%
Croydon Hills: $945,000 – $1,055,585 – 12%
Clarinda: $912,500 – $1,003,200 – 10%
Note: Based on the growth rate over the last 12 months, suburbs must have had a minimum requirement of 10 house sales.
READ MORE: Jack Viney adds Hawthorn home to more than $4m property sell off
Diamond Creek Mexican and Moroccan mansion for sale
Al-Taqwa College: Islamic school collects $58m in Truganina land deal
Thank you for spending your time with us on My Local Pages. We hope you enjoyed checking this post on current VIC news named “Half Melbourne suburbs tipped to have $1m median house price in next 12 months”. This article was presented by MyLocalPages Australia as part of our national news services.