More than 40 Melbourne suburban homeowners had the status of millionaires from the market crisis.

The new CoreLogic figures show that people in the suburbs of the city have a median household value of over $ 1 million at the beginning of 2018 from 168 to 126 at the beginning of this year. Red Hill is losing $ 442,000 on the way to the million dollar hut.


The popular eastern suburbs were also very impressed, including $ 271,000 in Blackburn North and $ 262,000 in Burwood East. However, eight of the western postal codes that have recently climbed to the list of the city were listed among them in Kingsville, Seddon, Maribyrnong and Newport.

CoreMogic Australia real estate manager Geoff White said it was not surprising to thin the million-dollar club.

“That’s a lot of suburbs. But in the market we have had, that’s not surprising,” Mr White said.

“When you look at what’s happened over the last 12 months with values, a lot of those falls have been driven by those homes above the Melbourne median — so homes that were just over $1 million would have nudged back under.”

Moreover, the numbers were calculated against all houses in the suburbs, not just the sellers.

Furthermore, RMIT property professor Chris Eves said for most, “the only real negative is that people might lose their bragging rights in some suburbs”.

“In our banking system, regardless of what the loan-to-value ratio is, if you are paying it off the bank will let you keep doing so,” Prof Eves said.

However, by the end of 2017, those who register for a large mortgage may consider taking steps to offset the increase in future interest rates or loss of income.

The market correction, Melbourne’s median housing value, almost $ 80,000, starting at $ 820,000 last year reached $ 740,500. Besides, most experts predict that the correction will end this year or next period.

Some areas will not allow very small houses of a certain size, but these places are much less than those in smaller houses.

Melbourne suburbs property price list

Aspendale $1,138,356 – $996,666

Aspendale Gardens $1,006,992 – $905,665

Blackburn North $1,208,839 – $937,376

Blackburn South $1,205,507 – $962,667

Brunswick $1,163,767 – $998,678

Burwood East $1,167,685 – $905,565

Cheltenham $1,089,725 – $927,304

Clayton $1,235,224 – $986,941

Coburg $1,017,793 – $908,837

Collingwood $1,083,502 – $907,378

Edithvale $1,067,092 — $908,789

Flemington $1,087,440 – $921,302

Forest Hill $1,039,418 – $863,631

Huntingdale $1,145,451 – $963,291

Kensington $1,031,659 – $872,567

Kingsville $1,039,323 – $973,330

Lower Plenty $1,007,022 – $939,373

Lysterfield $1,046,773 – $902,054

Lysterfield South $1,006,901 – $844,942

Maribyrnong $1,066,219 – $950,190

Mitcham $1,083,903 – $901,105

Mount Martha $1,010,748 – $926,573

Newport $1,110,295 – $977,305

North Melbourne $1,225,541 – $995,791

Nunawading $1,074,685 – $897,550

Oakleigh East $1,170,933 – $982,683

Oakleigh South $1,075,737 – $926,694

Pascoe Vale South $1,006,471 – $915,522

Preston $1,023,029 – $908,361

Red Hill $1,359,963 — $917,516

Ringwood North $1,054,762 – $913,200

Seaholme $1,104,528 – $961,569

Seddon $1,038,063 – $926,290

South Kingsville $1,066,070 – $936,768

Spotswood $1,053,861 – $956,426

Vermont $1,089,419 – $897,218

Viewbank $1,013,198 – $845,952

Wantirna South $1,062,201 – $924,375

Warranwood $1,027,007 – $888,660

Waterways $1,021,401 – $907,430

West Melbourne $1,172,354 – $999,402

Yarraville $1,071,220 – $930,077

Source: Real Estate AU

Melike Vodina \ realestatecoulisse.com