The prestige property market in both Sydney and Melbourne continue to perform quite well, with strong sales over the last year.
In Melbourne, Toorak remains a consistent performer. As an attractive, well-serviced suburb, Toorak is close to schools, the CBD, boasts beautiful boutique shopping and has easy access to major city roads.
It’s also home to Melbourne’s most expensive property, with a mansion on Towers Road selling for $26.25 million just before Christmas in 2016. Just this month a five bedroom home in Myvore Court sold for almost $20 million while the median house price is now $4.3 million and rising. Certainly, if you are looking dip your toe into, or expand your portfolio in Melbourne’s prestige property market Toorak is a classic performer.
East Melbourne has seen a compound annual growth of 12.3% over the past five years. All the inner city convenience East Melbourne offers is in high demand and the median house price is sitting at $2.8 million.
Neighbour to Toorak, South Yarra is famous for its well heeled occupants. Pretty streets, art deco homes, shopping on Chapel Street and Toorak Road and only two stops from the city, it’s a suburb that’s highly sought after.
If you’re looking to buy, median house prices are currently at around $1.7 million. Looking to invest? Rental demand is quite high in this suburb that’s sought after by young professionals who want to be close to the city and a two bedroom unit will fetch over $500 a week in rent.
Others to watch
According to Domain Armadale, Middle Park, Parkville and Windsor are just some of the other Melbourne suburbs that have seen a boom in property prices over the past five years. And the trend is expected that demand won’t slow in these areas – as people continue to seek the convenience of living close to the city and cut time spent in traffic or commutes.
As Melbourne mortgage brokers we have years of experience in helping people find the right home in Melbourne’s prestige suburbs. Contact the IFA team on 03 9511 8883.