New data shows that the median house price in Toorak exceeded A$4 million for the first time since 2017, an increase of $331,000 within a year. According to Domain’s latest housing price report, this vibrant suburb is home to some of Australia’s wealthiest households, with a median of $4,181,250 in the December 2020 quarter, up from $3.85 million in December 2019. Although Melbourne’s most expensive suburbs are on the rise, they have not yet returned to the peak of $4.5 million at the end of 2017.
At the same time, a piece of land at No. 16 St Georges Road in Toorak was also listed for sale for $39 million last year. A Queen Anne-style house was demolished here. The broker said that wealthy buyers are able to borrow more money due to low interest rates, and they now generally move to the suburbs to live in more expensive houses.
As of the end of last year, the five suburbs Kensington, Eltham North, Rosanna, Aspendale and Jan Juc all announced a median house price of $1 million before the end of this year. House prices in the two suburbs of Niddrie and Clayton have fallen from the median of $1 million in 2020. House prices in these suburbs have fallen in the year to December. Despite the large decline, these suburbs may not stay for too long. Economists at NAB and Commonwealth Bank predict that Melbourne’s house prices will rise by 7% to 9% this year.
https://www.domain.com.au/news/toorak-blasts-past-4-million-median-as-other-suburbs-join-the-1-million-club-1022534/?utm_campaign=strap-masthead&utm_source =the-age&utm_medium=link&utm_content=pos4&ref=pos1