Six Melbourne suburbs lose their million-dollar status: REIV
Soft trading conditions over the past 12 months have caused six Melbourne suburbs to drop off the million-dollar perch.
The first-quarter median house prices have revealed their medians to fall short of the $1 million mark.
These suburbs include St Kilda East ($875,000); Port Melbourne ($921,250); Balwyn North ($980,000); South Melbourne ($967,000); Carlton North ($837,250) and Prahran ($940,000). Of these suburbs, St Kilda East suffered the biggest decline in median price over the year, with the median house price declining from $1,125,000 in quarter one last year to $875,000 in quarter one this year, according to the Real Estate Institute of Victoria (REIV).
Source: REIV *Median price is based on fewer than 30 house sales
South Melbourne's fall off the million-dollar list will no doubt worry contestants of The Block 2012, whose South Melbourne terraces are going to auction June 30.
There were four suburbs in the million-dollar club in 2005, with the list steadily increasing to a peak 27 suburbs in 2011, according to the REIV's Enzo Raimondo on his realestateView.com.au blog.
The current top three positions are the inner-eastern suburbs of Toorak ($1,860,000), Canterbury ($1,676,250) and Malvern ($1,585,000).
