The Million Dollar Club

Domain Group have just released their March 2016 report on the median house prices throughout Melbourne, and there are 13 new suburbs that have broken the magical million median mark.

They are:

Suburb Amount
Glen Huntly $1,225,000
Windsor $1,206,000
North Melbourne $1,120,000
Ripponlea $1,115,500
Wonga Park $1,115,000
Carlton $1,113,500
Cremorne $1,072,000
Lower Templestowe $1,050,000
Hampton East $1,047,000
Northcote $1,040,000
Bentleigh East $1,002,500
Wheelers Hill $1,000,000

These results should give owners confidence to renovate or add an extension to their home without risking overcapitalisation.

Of these suburbs, Supa Group Constructions are currently working on projects in Windsor, Lower Templestowe, Hampton East and Northcote.

With the exception of Carlton, Cremorne and North Melbourne these suburbs have generous lot sizes that allow scope for improvement. Much of the housing stock in these suburbs was constructed during the period between WW1 and WW2 and lend themselves to extension as they were constructed of good quality materials.

This news will be of no surprise to followers of the property market. There are very few suburbs within a 15 Km radius of the Melbourne CBD that has a median price under $1,000,000.

This Northcote house recently sold for $1,223,000. A ground floor extension was added to the back of this lovely Northcote Victorian house.