- First time the leafy suburb has had a median above $4 million since 2017
- Represents a $331,000 increase over the past year
- Six of the ten most expensive streets in Melbourne are in Toorak
Domain’s House Price Report has shown that the median house price for the affluent leafy inner-city Melbourne suburb has once again risen above $4 million.
To be precise, the median hit $4,181,250 in the December quarter compared to $3.85 million in December 2019, representing a $331,000 increase.
This, however, isn’t the peak; back in 2017 Toorak had a median of $4.5 million.
Domain also reports a six-bedroom house at 39 Irving Road is currently listed with a price range between $35 million and $38 million.
Seven other suburbs have recorded a median of above $2 million with coastal Brighton’s median $2,872,500 – a year-on-year increase of 18.2 per cent.
Interestingly several of these seven suburbs saw a decline in their median; Balwyn, for example, saw a decrease of 6.4 per cent in the median price.
Another report from Domain also revealed that the six most expensive streets in Melbourne are all in Toorak. St Georges Road takes the honour with all properties on this street selling for more than $1 million during 2020.
With many economists from institutions such as NAB predicting an increase in Melbourne house prices between 7 per cent and 9 per cent, it is likely more suburbs will join the $2+ million club.