The seven-figure benchmark has long been the standard barometer for Melbourne real estate. After all, $1 million dollars was always seen — and still is seen by most — as a lot of money.
But as property prices keep inflating, the $1 million price tag continues to pop up on properties and in suburbs that would leave many Melburnians aghast.
The city’s median now sits just below $800,000 and property pundits say $2 million is the new $1 million standard in our most sought after leafy suburbs.
So house hunters will need to become more familiar with how far that sum of money actually stretches in the city.
If you walked out of your house on Saturday morning with $1 million in your pocket, here’s what you could have bought.
Bundoora
This four-bedder is a lovely family home, but Bundoora is not your typical million-dollar postcode. It sold for $1,088,000 on Saturday.
Most Bundoora homeowners will only have recently become used to the idea of seven-figure sales. The suburb’s median is $630,000, but has grown 38.2 per cent in five years.
Balwyn
In Balwyn, $1 million wouldn’t buy a house, thanks to soaring land values. The area is well known as a popular destination for foreign buyers, whose re-development of old homes has pushed house prices through the roof.
On the smaller side, buyers can still pick up a unit like this clinker brick villa, which sold for $1.07 million.
Beaumaris
A buyer paid $970,000 for this single-level Beaumaris unit. Add stamp duty and it’s well over the million-dollar mark.
Unit prices in the bayside region have been leading the pack in Melbourne this year, largely spurred on by a local downsizer market who’ve sold up in the area and have cash to splash.
Brunswick West
25 Wales Street, Brunswick West
Unlike its neighbour, Brunswick proper, Brunswick West has been slow to catch up to million-dollar territory. Without its own train line, it had been seen as a public transport blackspot and looked over by some deeper pocketed buyers.
But the tide has seemingly turned: this three-bedroom California bungalow on 555 square-metres sold for $1.19 million.
Camberwell
This art deco villa, one of four in a small block, went to a young family for $1,017,000 under the hammer on Saturday. They beat out two other bidders.
Jellis Craig’s Julian Tonkin said single-level period-style units were hugely popular right now in Camberwell, largely because of the downsizer market. The family would have been looking at paying double or triple to get into a house rather than a unit in the area, he said.
Cheltenham
Six-figures can still get buyers a big family house in Cheltenham. This charming park side home sold for $1.05 million.
Clayton
There’s a development boom in the south-east of Melbourne, and no suburb is experiencing a surge in the price of development opportunities quite as much as Clayton, thanks to the university and the medical centre.
Blocks in the area, like this 745 square-metre site, are frequently marketed for their land size and redevelopment potential. It sold for $1.01 million.
Croydon Hills
23 County Terrace, Croydon Hills
In Croydon Hills, 31 kilometres north-east of the CBD, just under $1 million can buy a massive four-bedroom home overlooking a park.
A buyer paid $986,000 for this one.
Footscray
A suburb once tainted by a bad reputation, million-dollar sales are par for the course in the now-gentrified postcode.
This cottage may be on the small side, but a buyer was willing to pay $1,003,000 for it Saturday. Just down the road on the same day, six would-be buyers fought it out for a converted warehouse, which went for $977,000 — about $70,000 over reserve.
Greenvale
Out in Greenvale, 20 kilometres north of the CBD, $1 million can buy a triple-storey house with a pool.
A buyer got in early on this one, snapping it up for $1.03 million before it hit the auction block.
Kingsville
In Yarraville, Seddon or Williamstown these days, $1 million does not go far. Buyers are now looking to the next period-home pocket of the west, Kingsville.
This deceased estate was hotly contested by five bidders on Saturday, coming up for sale for the first time in 50 years.
It was an emotional day for the family, but made sweeter when a young family with a child paid $960,000 — more than $100,000 above reserve.
Traci Charles of Village Real Estate said a lot of young families were moving from Seddon and Yarraville for the larger blocks in Kingsville, once they have children.
Lower Plenty
9 Sapphire Court, Lower Plenty
A fairly standard three-bedroom home in Lower Plenty sold for $180,000 over reserve on Saturday, when eight bidders went after the keys.
The vendors had only purchased the home in January last year, planning to renovate before a change in circumstances forced them to sell. But it was a fortuitous move; having paid $720,000 less than two years ago, they resold to a young homebuyer for $990,000 with Barry Plant Eltham’s Tom Kurtschenko.
Macleod
Once thought of as a budget-friendly neighbourhood, million-dollar sales are becoming more frequent in Macleod.
This three-bedder near the train station added to list of sales on Saturday, selling for $1,002,000.
Nunawading
A crowd of more than 300 people watched five bidders fight it out for a Nunawading three-bedder on Saturday, according to Jellis Craig agent Elizabeth Dumonic.
A couple from Mitcham eventually won the keys, but buyers from Balwyn and Surrey Hills also threw their hats in the ring.
They paid $1.09 million — $90,000 over reserve.
Pascoe Vale
once rough-rep suburb, Pascoe Vale is frequently commanding more than $1 million for decent sized blocks.
Port Melbourne
Reservoir
South Melbourne
218 Ferrars Street, South Melbourne
A renovated house in South Melbourne for $1 million? Well, it only has one bedroom.
But given that it’s right around the corner from the South Melbourne market, that was probably motivation enough for the buyer to fork out $1,002,000.