Finding value in Melbourne's million dollar suburbs

New REIV data reveals it is still possible for buyers to purchase homes in million dollar suburbs for less than seven-figures – without buying an apartment. 

For those looking for the champagne lifestyle on a budget, two-bedroom homes offer the ideal entry point in Melbourne’s most exclusive suburbs and can deliver savings of more than $500,000. 

For $929,000 buyers can secure a two-bedroom home in Elsternwick - almost $650,000 less than the suburb’s overall median house price of $1.5 million. 

And in leafy Ivanhoe, buyers can secure a smaller home for about $475,000 less than the overall median house price in the suburb.

Buyers can also purchase smaller homes in Essendon, Moonee Ponds and Caulfield South for about $400,000 less than the suburb median. 

REIV CEO Geoff White said two-bedroom homes offer a more affordable option in many of Melbourne’s most desirable suburbs. 

“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” he said.

He added that the homes also deliver capital growth in many areas. 

“Two-bedroom homes are experiencing solid price growth in many of these suburbs, offering value and a yard at a price point significantly below the suburb’s median.”