Price bubble expands our $1 million suburbs | My Assignment Tutor

Price bubble expands our $1 million suburbsCraig Wale real estate editor THOUSANDS of home owners will be turned Into millionaires If Mel-bourne’s property price boom continues. Dozens of suburbs will hit the magic number —. some within months — if prices continue an their upward trend. Real lintate Institute of Victoria research reveals. The map (right) shows the suburbs that have already re-corded a median price of $i million or more end those met ere not tar away. Sandringham, Selwyn North, South Melbourne, Ivanhoe and Malvern East are among the most recent sub• tubs to record a median price of Si million or more. Ashburton, Port. Melbourne, i’yohran, Beaumarin and Es coded could be the next suburbs on the list. RED/ spokesman Robert Larocca said li u ying next, door to a SI million suburb was the easiest way ro 1-has.raritee a share of the mone.y in the long term. ter, I i;lyers are priced out of an iirp;k, they often simply start looking in the suburb next door. And with property experts tipping a booming population will continue to send house prices higher, owners are al-ready calculating how much their houses will be worth. “You can travel the length of Burke Rd and you won’t find a suburb with a median under $1 mli1Lob now,” Mr Larocca said. ‘MOM pretty much the same for around 16km of bay frontage from St Kilda to meek Reek.” Home buyers in many of the suburbs neighbouring these areas have already witnessed their home values race to more than $900,000. Mr /Armco said Melbourne had never li rid so many $1 mil-lion suburbs. But just because the median price iut a suburb is Si minion or more does not mean all homes there are worth that. much_ The median price is deter-mined by listing all the sales in a suburb in a line and picking the middle price. So, sale six out of II Satan, for example, in the median. This means buyers could still fled much cheaper homes in some of Melhourne’s most expensive suburbs. MILLION DOLLAR SUBURBS Area 04 Median 1. Towel( $2.1175.000 2. Brighton S1.551.500 3. Conlothury $1,638400 4. kinivere $1.511,000 5. itrinatfulo* 51,500.000 S. Balwva $1,451.090 1. Ilserlbern $1,405,008 8. Kew S1,380.8e0 Camberwell stamoop 19. Hampton 51,255.009 11, Hawthorn Earl $1,252,5119 12. Elwood 51,247,500 la, Britillion Earl $1.242.540 14. Aillerl Park” 51.2911,900 15. Saalh ‘faun SUOMI° lb. {:loci iris $1,102,50 17. Eitiornwiek S1.127,580 18. Sem. Hills 51.115,000 f8. Caulfield MO. 51.103,000 24. Saiiiirieula a ril-51.180.100113 21. Selwyn north $1,000,000 22. Satilb Melbourne’ 51.0 67.51111 23, Ivanhoe’ 51.00.000 24. Maktlifk East S1,000.001:1“Fewer Mae 30 sales ON THE THRESHOLDArea 2009 – 04 Median A. fatbinin 3920.000 B. Purl Melt/aurae 5910.000 C, Probron $910,000 D. Oftainiliirig 5987,500 E. Lasendran 0902,008 F. Cailleu norib $965,000 9. Slralhinnr 58116,000 H. Caullielti South $859.004 I. TomplvsCowe $845,480 1. Ocntleipit 5042.01]0Canning St, Carlton North $2,300,00042,000,000 A LIFTOUTS

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