In Stonnington, in the affluent inner east, only 2 per cent of houses trade above $6.9 million.
This home in Malvern East sold for $3.19 million, placing it among the top 2 per cent of Melbourne’s housing market.That might not seem like such a high bar when the Melbourne house price record is $52.5 million, but sales at this level are rare. Houses at $1.42 million and above make up the top 25 per cent of housing stock in Melbourne, while the city’s median house value is just over $992,000, on CoreLogic figures for May.But it takes $6.9 million to get into the top 2 per cent of houses in the Stonnington local government area, which includes the well-heeled enclaves of Toorak, South Yarra and Malvern.
“Once you get up to the top 2 per cent of the market and above you’re generally looking at households that are on fairly significant incomes, or they’ve had a history of wealth accrual or intergenerational [transfer].” Interest rate moves are less of a factor in top-end markets than the state of equity markets, currency markets or white-collar employment prospects, as buyers may not be purchasing with high debt levels.
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