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Property for sale in Melbourne's 'million dollar suburbs'

Melbourne had 42 suburbs with a median property price of one million dollars or more in the 12 months to May 2013, REIV reveals.

People considering investing in Australian property in Melbourne have a variety of options - particularly if they are looking at the higher end of the market.

A recent analysis conducted by the Real Estate Institute of Victoria (REIV) has revealed there were 42 suburbs with a median house price in excess of a million dollars in the year to May 2013.

East Melbourne topped the chart with a median of $2.6 million, ahead of Deepdene ($2.51 million), Toorack ($2.23 million), Canterbury ($1.8 million) and Brighton ($1.75 million).

Red Hill South, Amandale, St Kilda West, Malvern and Hawthorn were also in the top ten based upon median house prices.

As reported by Property Observer, REIV used data from the last 12 months - rather than just May - due to the low volume of sales in some areas.

Studying Australian property sales over a one-year period was thought to provide a more representative picture of the Melbourne housing market.

Robert Lorocca of REIV noted that the north-eastern suburbs are seeing increasing numbers of million dollar sales in particular.

She identified Eaglemont, Ivanhoe East, Ivanhoe and Alphington as being areas to watch - suburbs which all have a frontage to the Yarra river.

Posted by Craig Francis

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