MELBOURNE’S richest homeowners are getting richer — some by more than $2000 a day.
Toorak and Princes Hill’s median house prices gained more money per day last year than the average Melbourne household earns in weekly wages, the latest CoreLogic data shows.
The figures reveal Toorak’s median rose a whopping $2322 per day in the year to September 30 to reach $4.9 million, while Princes Hill’s soared $1668 daily to $1.98 million.
Homeowners in three other suburbs watched their property fortunes soar by four-figure sums each day: St Kilda West, up $1506 a day to a $2.42 million median, Carlton, up $1320 daily to $1.465 million, and Flinders, with $1044 daily gains to $1.426 million.
Canterbury, Armadale and Mont Albert were also property goldmines for homeowners, chalking up average daily gains of more than $900 in the year-long period, while Collingwood and St Kilda’s median house prices increased more than $850 per day.
To offer some perspective, the latest Census data shows the average household in Victoria’s capital earns a weekly pay packet of $1542.
Realestate.com.au chief economist Nerida Conisbee said the average daily growth enjoyed by these suburbs was “phenomenal”.
She said lifestyle perks — including top shops, schools and transport — and closeness to the CBD had ensured these areas were keenly sought by buyers.
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But Ms Conisbee said while prices would continue to grow in these suburbs, they were unlikely to sustain such extreme gains: “Toorak is the most expensive suburb in Melbourne and the fact it has grown at that rate is phenomenal.
“But we’ve found in Sydney that suburbs that hit median price point of $3 million saw lower levels of demand — there is a cap as to how many people can buy at that price point.”
Kay & Burton managing director Michael Gibson said the Toorak market had been “very, very strong” in the past year thanks to low interest rates and high demand for premium homes.
More properties had sold for between $10-$20 million than in previous years, with several of them attracting three to four buyers each, he said.
The lifestyle pulls of St Kilda West and St Kilda had helped spur the suburbs’ impressive daily gains, McGrath St Kilda principal Michael Townsend said.
“St Kilda West (was named) the most liveable suburb in the country this year, compounded with Melbourne being the most liveable city in the whole world,” he said.
“It is an incredibly popular place, and it’s improving before our eyes.”
Of the 366 Melbourne suburbs that recorded at least 20 sales in the past year, only Garfield, Elwood and Deepdene failed to record an average daily growth, declining by $18, $38 and $243 per day respectively.
MELBOURNE’S TOP DAILY GROWTH SUBURBS
Toorak: up $2321.90 per day to a $4.9m median house sale price
Princes Hill: $1668.50, $1.98m
St Kilda West: $1506.85, $2.42m
Carlton: $1320.55, $1.465m
Flinders: $1043.85, $1.426m
Canterbury: $986.30, $2.9m
Armadale: $952.05, $2,372,500
Mont Albert: $931.50, $2.1m
Collingwood: $887.70, $1.2m
St Kilda: $857.50, $1.315m
Source: CoreLogic, data is for the 12 months to September 2017
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