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Melbourne’s fringe worth over $1 million

REIV has found that the average house price is over $1 million in 39 of Melbourne's suburbs.
<div $$hash="6448-0"><p $$hash="6458-0">Suburbs in Melbourne could prove to be lucrative for property investors as houses there are worth over $1 million.



<p $$hash="6456-0">The Real Estate Institute of Victoria (REIV) found that houses in 39 of Melbourne’s suburbs have a median house price of more than $1 million.



<p $$hash="6453-0">These suburbs include those that are typically recognised as affluent areas, such as East Melbourne and Brighton, but REIV found that more areas had added to this list with higher house prices. Areas such as Kangaroo Ground, Warrandyte South and Red Hill South were added to the list.



<p $$hash="6461-0">Part of the reason for the increase in average house prices in these areas are due to the size of the dwellings, with an average of four or five bedrooms each.



<p $$hash="6463-0">Melbourne’s property market has shown to be in good health this year. It has had strong clearance rates in its weekend auctions, despite increases in property listings across the country.



<p $$hash="6465-0">In RP Data’s latest Rismark Home Value Index, the average price of dwelling for the city was up by 1.5 per cent.



Posted by Steve Douglas

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