Real Estate

melbourneaes million dollar club set for unexpected new entrants

Written by The ReReport

Nyingje, Karin and Emma-Rose Lama are reluctantly leaving Footscray — one of Melbourne’s next million-dollar suburbs — and their home at 47 Newell St. Picture: Jay Town

Fringe towns and a gentrifying western suburb ditching a bad reputation are next in line to join Melbourne’s million-dollar club.
Beaconsfield Upper, Blairgowrie and Devon Meadows — all more than 40km from the CBD — are among the suburbs on the brink of median house prices above $1 million, according to the Real Estate Institute of Victoria
They already boast medians of $997,500, $986,000 and $980,500 respectively, according to REIV.
Also in the mix are Vermont ($995,000), Forest Hill ($993,500), Eltham ($986,000), Flemington ($984,000) and Footscray ($950,000).

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REIV data shows the club has remained stable since the Melbourne market surpassed its peak a year ago, sneaking up slightly from 154 in September 2017 to 156 this September.
A host of suburbs have left it over the past year, including Viewbank and Williamstown North, but 13 have also joined.
They range from being relatively close to the CBD (Preston, Pascoe Vale South, Seddon, South Kingsville and Altona), to the outer reaches of Melbourne’s north (Eden Park), east (Macclesfield) and southeast (Lysterfield, Langwarrin South, Red Hill, Fingal, Mt Martha and Balnarring Beach).

19 Garden St is seeking $2.4-$2.6 million in Blairgowrie — one of several Mornington Peninsula suburbs to join or edge closer to Melbourne’s million-dollar club.

REIV president Robyn Waters said the fact most of the new entrants were in outer ring, while those that had dropped out were closer to the city, reflected “the overall trend we’re seeing in the Victorian market”.
“The middle and outer ring is doing well while sales in inner suburbs, where you’d typically find higher value properties, have been more subdued,” she said.
Sweeney Estate Agents’ Lee Marks tipped Footscray to join the million-dollar club by early next year, saying the broader market cool down hadn’t halted its rise.
Mr Marks said affordability had previously been a major lure for the postcode, generating demand that had recently sent prices soaring.
“Footscray obviously had a reputation in the past for not being the greatest suburb in the inner west,” he said.
“But it’s definitely come a long way. It’s almost like the new Fitzroy — it’s 4km from the city and has the hip culture going with a lot of bars, coffee shops and restaurants.”

Eltham is on the brink of a million-dollar median house price. 8 Elsa Court is seeking just below that, at $880,000-$960,000.

Resident Karin Lama said she’d noticed Footscray’s market “go up and up” since she and her husband Nyingje bought there four years ago, “before it went completely crazy”.
The suburb’s value considering its closeness to the city, accessibility and “multicultural vibe” drew them in.
“You can see the city from our street. We don’t really need a car here — it’s a five-minute walk to the station and two-minute walk to restaurants and cafes,” Ms Lama said.
“You also feel kind of like you’re on holidays all the time because you’re hearing different languages being spoken and there’s always something happening.”

Inside the Lama family’s home at 47 Newell St, Footscray.

The Lamas are reluctantly selling their renovated period house at 47 Newell St to move back to Adelaide.
The residence — which they expanded from a two- to three-bedroom, and added a new roof and solar panels to — set to be auctioned on November 24 with a $800,000-$860,000 price guide and approved plans for a further extension.


-156 members at September 30, 2018
-154 members at September 30, 2017

Joined since September 2017:

Red Hill: $2,287,500
Fingal: $1.43m
Langwarrin South: $1.35m
Eden Park: $1.12m
Mt Martha: $1,052,888
Macclesfield: $1.05m
Seddon: $1.04m
Lysterfield: $1.035m
Preston: $1,026,500
Balnarring Beach: $1.02m
Pascoe Vale South: $1.013m
South Kingsville: $1.01m
Altona: $1.005m

On the cusp of joining:

Beaconsfield Upper: $997,500
Vermont: $995,000
Forest Hill: $993,500
Eltham: $986,000
Blairgowrie: $986,000
Flemington: $984,000
Devon Meadows: $980,500
Footscray: $950,000

Source: REIV, suburbs had to have a minium of 10 sales in the year to September 30

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