The shake-up in Melbourne's million-dollar property market comes as suburbs as far afield as Mooroolbark, Taylors Lakes, Dandenong and Frankston South notch up million-dollar sales. St Kilda, St Kilda East and Ashburton in Melbourne's prized southeast have all taken big tumbles in the past 12 months. The median house prices in those suburbs have fallen about 20 per cent and below the million-dollar mark, according to quarterly figures from the Real Estate Institute of Victoria. St Kilda's median price now weighs in at $863,000, St Kilda East's is $900,000 and Ashburton's is $850,000.
It's a different story next door, where Prahran's median house price has broken $1 million for the first time. Fairfield has also risen by close to 17 per cent in the year to July with the median house price hitting about $1.045 million.
Melbourne's million-dollar properties are no longer confined to the inner ring, with outer suburbs throwing up a slow but steady stream of million-dollar sales. Rick and Kerrie Stimson recently sold their resort-style Mooroolbark property in Taylor Rd for $1.18 million. The suburb's median house price is $446,500. The property features four bedrooms, four bathrooms, pool, tennis court, indoor and outdoor bars, 10-car garage and workshop and sits on an acre of landscaped gardens.
"It's been great living here," Mr Stimson said.
"Having acreage you're not living in anyone else's pocket. With the swimming pool and tennis court you don't really have to leave home."
Mooroolbark sales person Ken Chappell said it was the road's second million-dollar sale.
"It's an interesting road," Mr Chappell said.
"At one end you have first-home buyer, entry-level properties and at the other you have very large properties, which are attracting top dollar."
On the other side of the city, a four-bedroom, four-bathroom home in Trindall Place, Taylors Lakes, recently sold for $1.025 million, blitzing the suburb's median price of $472,500.
Barry Plant group director James Hatzimoisis said the area had recorded about half a dozen million-dollar sales in recent years.
"It's not common but it is no longer unheard of either," he said.
"To get that sort of money it has to be a pristine, 40sqm-plus house with all the trimmings on a large land package.
"Those properties are here. It's just that they don't come on to the market very often."
The area around Humphries Rd, Frankston South, consistently throws up million-dollar properties in a suburb where the median value is $525,000. A double-storey home at 55 Rosedale Grove just hit the market with an asking price of $1.1 million. A five-bedroom, four-bathroom period home at 16 Merrigal Court is also being offered for sale with a price tag of $1.3 million.
"In that area of Frankston South there is basically very little difference in price to Mount Eliza," a local agent said.