While most people are not buying homes in the city’s million dollar suburbs, if you were, which would be the easiest to purchase in?
Based on the latest housing market information from RP Data, Melbourne has 45 suburbs with a median house value in excess of one million dollars. Toorak had the highest value at $2.756M and Ormond the lowest at $1.005M.
Values may range between Toorak and Ormond, however, if you are a buyer it will be numerically easier to purchase in a suburb with a larger number of houses on the market.For instance the 5 million dollar suburbs with the highest number of houses on the market were; Portsea, Brighton, Toorak, Balwyn and Canterbury. In these cases between 7.2 and 6.1 per cent of houses were on the market over the 12 months ending in November.
That is well above the citywide number of 5.2 per cent.
At the other end of the spectrum were some very tightly held but geographically diverse suburbs; Kangaroo Ground, Caulfield, Ivanhoe, Parkville and Kew East. With between 2.3 and 3.1 per cent of houses on the market buyers had a much harder task buying.
Interestingly, there is little correlation between how tightly these suburbs are held and other property data such as changes in sale prices, value or even geography. This is an interesting fact for buyers and shows that sometimes if you are fixed on a certain suburb for your home it may take a lot longer than elsewhere.