Melbourne now has 17 million-dollar suburbs, which is more than double the number at the start of the year. The booming housing market means the likes of Balwyn and Surrey Hills are joining the property elite of Toorak and Brighton as having median price tags of more than $1 million. Real Estate Institute of Victoria figures show that sales in the three months to the end of June produced nine more million-dollar suburbs, compared with eight in the first quarter of this year. REIV chief Enzo Raimondo said the middle and the top end of the Melbourne homes market were going strong. "I don't remember the $500,000-and-up market being this strong," Mr Raimondo said. While housing affordability continues to worsen, especially for those trying to enter the market, it seems there is plenty of money to spend on property in eastern and beach suburbs of Melbourne. The median value of Hampton homes jumped 23.8 per cent to put it in the $1 million bracket in the June quarter. A renovated, four-bedroom clinker brick home in Littlewood St sold on Saturday for $1.855 million, stunning agent Stephen Wigley, of Hodges in Sandringham. With a starting price of $1.35 million, Mr Wigley expected to secure a sale close to the reserve of $1.5 million. "But a gentleman... started the bidding at $1.5 million," he said. The Hampton area had been undervalued for some time and the quality of homes and its location would ensure more high prices would continue, Mr Wigley said. Kay and Burton managing director Gerald Delaney said it had been the busiest winter for sales. In the past year, the estate agent had sold properties worth at least $1 million in 23 suburbs, Mr Delaney said. On Saturday, Kay and Burton sold a four-bedroom townhouse in Glen Eira Rd, Elsternwick, for $1.195 million. Source: Herald Sun

Jul 30, 2007