Carrum joins $1m Melbourne house value club

The bayside suburb of Carrum entered the $1 million club without precedent for the last quarter of 2018, after a 10% expansion in the middle house cost. REIV President Robyn Waters said Carrum was the main suburb to join the 127-part $1 million club in the October-December quarter of 2018. "Carrum's bayside area and existing foundation including train station and schools settle on it a well known decision for families, youngsters and retirees," Ms Waters said.

"The new Skyrail may likewise have added to this lift in property estimations just as an expansion in culinary and stimulation alternatives in Carrum and its neighbors, for example, Patterson Lakes and Chelsea. "Another bayside region, Elwood, likewise performed well in the last quarter of 2018, with the middle house cost expanding 19.6 percent from $1.73 million to $2.07 million."

There were 10 rural areas with a middle of more than $2 million at 31 December 2018 with Toorak the nearest to tipping into the $3 million club with a middle of $2.8 million. "Out of the blue, Carlton broke into the $2 million club in 2018 because of a middle house cost increment of 36.9 percent in the December quarter," Ms Waters said.

"Carlton joins Toorak, Armadale, Hawthorn, Black Rock, Albert Park, Malvern, Elwood, Balwyn and Canterbury in the main 10 most costly Melbourne rural areas for middle house cost.

"Brighton was simply pushed out in eleventh spot with a house middle of $1.99 million. A year ago, 11,300 houses and 2000 units sold for more than $1 million in Victoria."