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A million isn’t a million any more


Once confined to addresses such as Brighton and Toorak and the province of the rich and famous, million-dollar purchases have become more commonplace in the suburbs, reports David Adams.

Excuse me, do you have a million dollars to spare? That’s the question many vendors are asking of buyers these days in Victoria’s residential property market. And the surprise is that, in the blink of an eye, equally many buyers are answering with a resounding “yes”.

Where once $1 million seemed a high price to pay for a house or apartment – it’s not even 30 years since Melbourne’s first million-dollar home was sold in 1981 – that barrier has long been broken in the inner suburbs. Such has been the growth in the number of properties fetching more than $1 million that it has become clear it is no longer just the rich and famous forking out hefty sums for properties around town.

A million dollars has, according to Adrian Jones, president of the Real Estate Institute of Victoria, become “just another figure”.

Data from the Real Estate Institute of Victoria show there were 2189 $1 million-plus sales in Victoria last year, compared with 531 in 2001.More….

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