Altona has joined the million-dollar club, the latest house prices from the Real Estate Institute of Victoria show.
The June quarter was the first time Altona recorded a median house price of $1million or higher, surging 14.8 per cent to $1,025,000.
The suburb joins the likes of Newport, Spotswood and Williamstown.
Across the city of Maribyrnong, the suburb of Maribyrnong had the strongest growth, climbing 17.9 per cent to its peak median of $1,155,000.
Kingsville, which first topped $1million in March, grew another 5.9 per cent to record the suburb’s highest median of $1,149,000.
REIV acting president Richard Simpson said suburbs within Melbourne’s middle ring continued to see strong price growth.
“The municipalities of Maribyrnong and Hobsons Bay are increasingly attractive to home buyers, offering quality infrastructure and amenities within close proximity to the city,” he said.
“A number of suburbs in these municipalities already have median house prices of $1million or more.
“However Laverton and Altona Meadows continue to offer affordable buying.”
Suburbs yet to break the million-dollar barrier include Altona Meadows ($660,000), Altona North ($855,000), Braybrook ($745,000), Footscray ($947,500), Laverton ($557,500), Maidstone ($793,000), South Kingsville ($995,000) and West Footscray ($930,000).
However, all except Maidstone recorded their highest median growth last quarter.
The suburbs of Newport ($1.2million), Seddon (down 10.8 per cent to $917,000), Spotswood ($1,013,000) and Yarraville ($1,101,000) joined the million-dollar club last December, while Williamstown ($1,328,500) is its oldest local member after 12 quarters.
