- The seven-figure benchmark has long been the standard barometer for Melbourne real estate. After all, $1 million dollars was always seen — and still is seen by most — as a lot of money.
But as property prices keep inflating, the $1 million price tag continues to pop up on properties and in suburbs that would leave many Melburnians aghast.
The city’s median now sits just below $800,000 and property pundits say $2 million is the new $1 million standard in our most sought after leafy suburbs.
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One million dollars travels very differently across the city. Photo: Naison