Houses priced at or above this figure are within the top 2 per cent of the market in Victoria’s capital, according to property data firm CoreLogic.
The threshold to be considered a wealthy unit owner is $1.2 million.
The research also reveals how much a house needs to be worth to be top of the pile in every Melbourne region, with the figures ranging from $728,572 in the Wyndham area through to $6.88 million in Stonnington.
SEE THE FULL LIST OF REGIONS BELOW
The latter’s high threshold is unsurprising given the blue-chip region is home to the state’s most expensive house: Malvern’s $52,499,999 Stonington Mansion.
A house had to be priced at $3.94 million or higher to make the top 2 per cent in the Melbourne council region, with the cut-off next highest in Boroondara ($3.9 million), Bayside ($3.62 million) and Port Phillip ($3.31 million).
At the other end of the spectrum, Melton ($752,962), Whittlesea ($789,659) and Hume ($810,102) joined Wyndham with the most achievable thresholds to be considered an elite house owner.
The cut-offs drop again in regional areas — most dramatically to $166,766 in Yarriambiack Shire in the state’s northwest and $210,733 in Hindmarsh Shire out west.
CoreLogic found Melbourne’s property rich aren’t as deep-pocketed as Sydney’s, where a house had to be priced at $3.21 million and a unit at $1.88 million to make the top 2 per cent.
But they’re well ahead of homeowners in Australia’s other capitals, with Darwin having the lowest cut-off of $878,097 for houses and $574,091 for units.
CoreLogic head of research Tim Lawless said Melbourne’s house threshold had fallen from a peak of $2.87 million in July 2017, but it was already rising again from $2.33 million in June.
“The top end of the marketplace is leading Melbourne’s recovery (from downturn conditions), as prices have become more accessible for people who are able to access that higher level,” he said.
“If we see a continuation of that, it’s going to be harder to obtain that status of a top 2 per cent-er.”
Anton Zhouk Boroondara director Anton Zhouk said he was finding it “easier to sell $4-$5 million properties than $1-$2 million properties right now”, as wealthy buyers were willing to splash out for A-grade homes in A-grade locations.
He sold a renovated Victorian in “one of the hottest pockets of Hawthorn” at 1 Yarra Grove for $4.5 million, $650,000 above reserve, earlier this month.
RICH IN MELBOURNE: threshold to be in the top 2 per cent of the market
Banyule: $1,843,224 houses / $1,048,375 units
Bayside: $3,621,846 / $1,697,659
Boroondara: $3,897,812 / $1,433,294
Brimbank: $815,400 / $660,024
Cardinia: $1,221,513 / $607,423
Casey: $836,166 / $639,197
Darebin: $1,863,699 / $907,708
Frankston: $1,051,094 / $628,606
Glen Eira: $2,644,755 / $1,159,834
Greater Dandenong: $904,196 / $644,299
Hobsons Bay: $1,591,093 / $910,859
Hume: $810,102 / $577,577
Kingston: $1,456,019 / $948,004
Knox: $1,057,639 / $803,171
Manningham: $1,708,579 / $1,009,122
Maribyrnong: $1,234,307 / $815,746
Maroondah: $1,095,184 / $778,606
Melbourne: $3,942,770 / $1,117,780
Melton: $752,962 / $577,040
Monash: $1,637,693 / $1,119,405
Moonee Valley: $2,355,718 / $897,331
Moreland: $1,349,181 / $806,496
Mornington Peninsula: $1,595,406 / $897,905
Nillumbik: $1,277,096 / $884,910
Port Phillip: $3,307,092 / $1,287,998
Stonnington: $6,882,853 / $1,803,370
Whitehorse: $1,989,130 / $1,058,733
Whittlesea: $789,659 / $529,240
Wyndham: $728,572 / $504,764
Yarra: $2,060,384 / $1,142,398
Yarra Ranges: $1,071,678 / $691,688
Source: CoreLogic at September 30
- Real estate, energy industries drive market up
- Real estate giant shakes up market with yet another business
- Real estate an increasingly attractive market for Ho Chi Minh City investors
- Real estate brokers help balance market supply and demand
- Smart real estate to be future market trend: experts
- What are the highlights of real estate M&As in Vietnam in H1?
- Why is Vietnam's real estate a magnet for international investors? (P.2)
- Hanoi, HCMC, Danang stir Vietnam real estate market with lots of exciting activities
- Consumer credit pours into Vietnam's real estate
- Hanoi’s real estate market lures foreign capital