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Melbourne’s Newest Million-Dollar Suburbs Revealed: REIV

By Rachel Wallace

Melbourne has gained a whopping 15 new million dollar suburbs as house prices continued to surge across the city in the last quarter.

Among those to hit a million-dollar median for the first time were several sea and tree-change hot spots more than 20km from the CBD, according to Real Estate Institute of Victoria data.

Rye on the Mornington Peninsula achieved a $1.06m median house sale price for the June quarter, while beachside Frankston South and Carrum’s markets both hit $1.08m.

40 Fifth Ave in Altona North is on the market for $1.05m-$1.15m.

Even a typical house in the city’s traditionally more affordable middle ring suburbs like Altona North, Attwood, Clarinda, Coburg North and Heidelberg Heights also set buyers back more than a million dollars.

REIV president Leah Calnan said more than half of the new additions were in outer Melbourne.

“It shows that people aren’t concentrating on just one area anymore,” Ms Calnan said.

“The likes of Diamond Creek, Hurstbridge and Yallambie all demonstrate the high interest and attraction for a lifestyle change.”

She said Olinda, within the Dandenong Ranges, with its $1.42m median was another attractive example of where buyers could “make a tree change and still be within metro Melbourne”, as opposed to making a more dramatic move to the regions.

31 Perrins Creek Rd, Olinda, is also up for grabs with $1.6m-$1.76m price hopes.

While 21 Denison Drive, Yallambie, is asking for $1.19m-$1.29m.

“The trend is most likely to continue, and we will probably see the bordering suburbs see additional growth in the next six to 12 months too,” Ms Calnan added.

“So if (a $1m suburb) is your preferred geographical area, look at the next suburb or the one over these because the data is certainly suggesting that the million-dollar suburbs are spreading.”

She said markets within the $800,000-$1m price bracket had been some of the city’s most competitive markets in the last three months.

Beachside pads in Frankston like 75 Kars St have a $1.45m-$1.5m price tag.

Ray White Rye’s Prue Jones said Rye house prices had “almost doubled in some cases” since the pandemic began a year ago.

The waterfront suburb had jumped 20.1 per cent in the last quarter alone.

“The demographic has changed from 18 months ago – I was dealing with first-home buyers, but now a lot of them have been completely priced out,” Ms Jones said.

She said many of Melbourne’s “well-to-do families”, older couples and even buyers from Sydney had driven most of the demand.

6 Happy Valley Rise, Diamond Creek is reaching for $975,000-$1.07m.

“It’s becoming more like what Blairgowrie used to be,” the agent added.

But the coastal hub is still as a significantly more achievable alternative to other pricier areas nearby, with Flinders soaring to a staggering $3.46m while house prices in Portsea hover at $2.4125m.

Rye vendors Jennie and Steve Crowley were going “against the tide” in selling their three-bedroom home at 7 Hay St, which was on the market with a $2.65m-$2.89m price guide.

Ms Crowley said the couple was moving closer to the city to be near family.

Ms Jones is selling 7 Hay St, Rye for $2.65m-$2.89m.

Jennie and Steve Crowley are relocating from the property to move back to Melbourne. The pair bought the home for less than $1m seven years ago, and have watched Rye blossom into a hot market. Picture: Nicki Connolly

The pair bought the home about seven years ago for less than $1m, but had since completed an extensive renovation on the 2583sq m property and its idyllic gardens.

“We couldn’t believe the price for the size of the land and the lovely location, we were quite surprised at the time,” Ms Crowley said.


Suburb, median house price Jun-21 quarter

Altona North – $1,005,000

Attwood – $1,002,500

Carrum – $1,080,000

Clarinda – $1,065,000

Coburg North – $1,037,500

Diamond Creek – $1,075,000

Dingley Village – $1,070,000

Frankston South – $1,080,000

Heidelberg Heights – $1,020,000

Hurstbridge – $1,003,500

Mulgrave – $1,005,500

Olinda – $1,420,000

Rowville – $1,021,000

Rye – $1,060,000

Yallambie – $1,153,000

Source: Real Estate Institute of Victoria

Note: REIV median price data only takes into account properties that sold during the period, rather than the value of all Victorian properties.


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