By Laura Michell
Greenvale and Attwood have joined the million club, new Real Estate Institute of Victoria (REIV) data reveals.
REIV data for the June quarter shows the median house price in Attwood is $1.04 million, while it is $1 million in neighbouring Greenvale – just shy of the metropolitan Melbourne median house price of $1.08 million.
The median house price in Greenvale rose 13.9 per cent in the three months to June, up from $880,000 in March.
According to the REIV, three Greenvale properties sold for $1 million or more in mid-to-late July.
Attwood recorded an annual price rise of 9.3 per cent, up from $990,000 in June 2021. Due to the low number of sales in the suburb, the REIV did not record sales data for Attwood in the March quarter.
At the other end of the scale, the REIV data revealed Dallas to be Hume’s cheapest suburb. The median house price fell 6.9 per cent to $540,000 in June.
Prices also fell in Meadow Heights (-6.5 per cent to $568,000), Gladstone Park (-4.1 per cent to $745,000), Craigieburn (-0.9 per cent to $677,000) and Broadmeadows (-0.3 per cent to $608,000).
According to the REIV, Melbourne’s outer suburbs – those more than 20 kilometres from Melbourne’s CBD – recorded their strongest quarter with the median price rising 0.9 per cent to $856,000. In addition to Greenvale and Attwood, four suburbs in Hume recorded price rises of more than 0.9 per cent: Mickleham (5.7 per cent rise to $683,000), Westmeadows (5.2 per cent rise to $735,000), Roxburgh Park (4.2 per cent rise to $654,000) and Kalkallo (2.9 per cent rise to $656,000).
In Whittlesea, two suburbs recorded price rises of more than 0.9 per cent: Doreen (6.5 per cent to $800,000) and South Morang (1.2 per cent to $787,000).
Bundoora was the municipality’s most expensive suburb, with the median house price rising 0.6 per cent to $888,000, while Donnybrook was the cheapest, with the median price falling 7.7 per cent to $600,000.
REIV president Richard Simpson said Melbourne had recorded an “over 23 per cent increase in home prices over the last two years”.
“As expected, we saw a slight decrease in metro Melbourne as the market adapts to the current rising interest rate environment.”
