Two Melbourne suburbs join millionaire row

MELBOURNE'S million-dollar suburb club is not as exclusive as it used to be, the Real Estate Institute of Victoria has revealed.

Two more suburbs - Templestowe and Bentleigh - have achieved median house prices of more than $1 million in the first three months of this year.

This takes to 52 the number of million-dollar suburbs in Melbourne, he said.

Bentleigh's median house price is $1,050,000, up from $995,000 in the December quarter of 2013, while Templestowe's median price is $1,033,000, up from $964,000.

But REIV chief executive officer Enzo Raimondo says both have a long way to go to catch perennial median price leaders Toorak ($2,430,000, a surprising fall from $2,875,000 in the December quarter) and Kew ($1,944,000, up from $1,700,000).

"Fifteen suburbs had a median of more than $1.5 million and two topped the $2 million mark," he said.

"Surrey Hills was new to the list of $1.5 million-plus suburbs in Melbourne, with an 11.4 per cent rise in the past three months lifting the suburb to a median price of $1,551,000."

Melbourne's overall median house price is $652,500, up 3.7 per cent in the March quarter.

That growth is modest than the 5.3 per cent and 9.1 per cent growth from the December and September quarters respectively.

Some of the most affordable suburbs include Melton West, with a median house price of $290,000, and Cranbourne ($313,750). The median house price rose in both suburbs by 1.2 per cent since the December quarter.

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