By Philip Webb
Surging property prices have seen an additional 30 Melbourne suburbs join the million-dollar club in the 12 months to May. There are 184 house and eight unit markets with a median value of $1 million or more, according to CoreLogic data. Their Million Dollar Markets report also revealed more than 25 per cent of sales across the city were secured for a figure of $1 million or more in the past year. In Melbourne’s east, Ringwood North, Ringwood East, Heathmont, Croydon North and Croydon Hills are some of the premium club’s newest members.
This data exemplifies Melbourne’s expanding urban fringe, as affordable housing is pushed further away from the city centre. Going hand-in-hand with this expansion is an increase in the outer ring’s desirability, which naturally drives property prices up.
Some factors responsible for the increased appeal include improved access to public transport, large spending on new infrastructure and overall improved liveability. The City of Maroondah has undergone a huge transformation and its easy access to Melbourne’s CBD is now an incentive for homebuyers. What used to be a one-hour journey, can now be just a 30-minute trip. The upgrade of Eastland and improved schooling are other drawcards for buyers looking in the municipality.
See below for the million-dollar club’s latest City of Maroondah entrants and their median value, according to CoreLogic.
Ringwood North – $1,162,777
Heathmont – $1,052,267
Croydon North – $1,037,971
Croydon Hills – $1,037,506
Ringwood East – $1,012,172