Latest research by Eliza Owen from onthehouse.com.au has revealed that Mont Albert Road is Victoria’s new number one destination for million-dollar houses.
Based in the affluent neighbourhood of Canterbury, Mont Albert Road has stormed up the chart to steal the crown from Brighton’s Cole Street, which has dropped down to fifth place after taking out the top spot in 2014.
Only three VIC streets from last year’s list retained their Top 10 status, with seven new streets making their million-dollar debut. After Mont Albert Road, the next highest new entrant is Summerhill Road in Glen Iris, which follows on in second place.
Camberwell and Brighton each boasted two streets within the Top 10, despite neither suburb making it into the state’s Top 10 million-dollar suburb list.
Balwyn retains its number one position as VIC’s most property-rich suburb, with a slight shuffle of last year’s leader board bringing Malvern, Armadale and Glen Iris into this year’s Top 10, replacing Ivanhoe East, Middle Park and Brighton who move down to 12th, 13th and 16th position, respectively.
Eliza Owen, Market Analyst for Onthehouse.com.au, said:
“It’s interesting to see so many new streets feature on the million-dollar list this year, despite the suburb list remaining relatively similar to 2014.
This is a potential indication that Victoria’s ‘status suburbs’ shouldn’t get too complacent, as there are emerging areas hot on their heels.
Notable performers include Armadale, which documented a 9 per cent increase in million-dollar houses from 2014 to 2015, helping it place within this year’s Top 10.
Suburbs that placed further down the list, such as Ashburton in 35th position, documented a huge 42 per cent uplift in houses with a $1 million price tag during the same period.”
Table 1 demonstrates VIC’s top ranking streets based on the number of houses worth over $1 million dollars.
Calculated on a percentage basis (houses valued over $1 million), Table 2 demonstrates VIC’s top ranking suburbs for number of million-dollar houses.