The Melbourne property market started to cool in 2018 after six years of solid growth, but upswings in median prices at the latter part of the year may be an indication that it is not all doom and gloom for the capital in 2019.
The bayside suburb of Carrum hit the $1 million mark for the first time in the last quarter of 2018, following a 10% increase in the median house price, according to the Real Estate Institute of Victoria (REIV).
Carrum was the only suburb to enter the 127-member $1 million club in the October-December quarter of 2018.
The bayside location and existing infrastructure, including the train station and schools, were Carrum’s selling point to families, young people and retirees. In addition, the new Skyrail, as well as an increase in culinary and entertainment options in the suburb and its neighbours such as Patterson Lakes and Chelsea, may have pushed the property values.
Bayside locale Elwood also posted a rise in the median house price— up 19.6% from $1.73 million to $2.07 million.
A total of 10 suburbs with a median price of more than $2 million were recorded in December. Toorak almost joined the $3 million club with its median reaching $2.8 million.
Carlton, meanwhile, broke into the $2-million club in 2018 for the first time after its median house price climbed by 36.9% in December.
“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,” REIV President Robyn Waters said.
