Suburban Hume joins the million dollar club

By Laura Michelle

Greenvale and Attwood have joined the million club, new data from the Real Estate Institute of Victoria (REIV) reveals.

REIV data for the June quarter shows the median home price in Attwood is $1.04 million, while it’s $1 million in neighboring Greenvale – just below the median price for the metropolitan real estate of $1.08 million.

The median home price in Greenvale rose 13.9% in the three months to June, from $880,000 in March.

According to the REIV, three properties in Greenvale sold for $1 million or more between mid and late July.

Attwood recorded a 9.3% annual price increase, up from $990,000 in June 2021. Due to low sales in the suburbs, the REIV did not record Attwood sales data during of the March quarter.

At the other end of the scale, REIV data found Dallas to be Hume’s least expensive suburb. The median home price fell 6.9% to $540,000 in June.

Prices also fell in Meadow Heights (-6.5% to $568,000), Gladstone Park (-4.1% to $745,000), Craigieburn (-0.9% to $677,000) and Broadmeadows (- 0.3% to $608,000).

According to the REIV, Melbourne’s outer suburbs – those more than 20 kilometers from Melbourne’s CBD – had their best quarter ever with the median price up 0.9% to $856,000. Besides Greenvale and Attwood, four Hume suburbs saw price increases of more than 0.9%: Mickleham (up 5.7% to $683,000), Westmeadows (up 5.2% to $735,000) , Roxburgh Park (up 4.2% to $654,000). ) and Kalkallo (up 2.9% to $656,000).

In Whittlesea, two suburbs recorded price increases of more than 0.9%: Doreen (6.5% to $800,000) and South Morang (1.2% to $787,000).

Bundoora was the city’s most expensive suburb, with the median home price rising 0.6% to $888,000, while Donnybrook was the cheapest, with the median price falling 7.7% to $600,000.

REIV chairman Richard Simpson said Melbourne had seen a “more than 23 per cent increase in house prices over the last two years”.

“As expected, we saw a slight decline in the Melbourne metro area as the market adjusts to the current environment of rising interest rates.”

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