The “poor cousin” of inner-west real estate has soared past the million dollar median mark to be crowned Maribyrnong’s most expensive suburb.
A 17 per cent surge in the March quarter pushed Kingsville’s median price to $1.085 million, cracking the $1 million median mark for the first time.
Real Estate Institute of Victoria figures for the March quarter show Kingsville has become Maribyrnong’s highest priced suburb, eclipsing former leaders Seddon ($1.03 million) and Yarraville ($1 million).
Kingsville’s median price has now almost doubled in the five years since 2012, climbing more than $100,000 a year on average from $577,000.
Village Real Estate director Huss Saad said the red-hot property market in the suburb dubbed “the golden triangle” came as little surprise.
“Kingsville has always been considered a poor cousin to Yarraville and Seddon, but that’s all changed,” he said.
“It’s got more period homes in its streets than any other suburb and less bastardisation with ’60s and ’70s homes.”
Mr Saad recently sold a three-bedroom home at 28 Chirnside Street for $1.367 million and expects strong results to continue.
He said the suburb had “a really good community vibe”, with a lot of professional couples and young families moving into the area, as well as downsizers.
“People have just finally realised it’s such a great suburb,” he said.
The REIV data shows the inner-west is now home to five suburbs with million-dollar medians as strong growth also continued in Williamstown (up 4.8 per cent to $1.34 million) and Newport (up 6.7 per cent to $1.1 million).
The figures show 120 Melbourne suburbs now have a median house price of $1 million or higher, up from just 30 in 2012.
Median prices across the March quarter remained steady in Maribyrnong ($989,000), Footscray ($888,000) and West Footscray ($887,500), dropping 8.3 per cent in Maidstone to $770,000.
Spotswood’s median slid 11.8 per cent to $910,000 and Altona was down 6.1 per cent to $845,000, but Laverton’s median rose by 10.8 per cent to $508,500 and Altona North climbed 4.9 per cent to $807,500. Altona Meadows moved up 6.0 per cent to $585,000.