The Melbourne suburb that joined the million dollar club

Someone on a seven-figure budget might expect a three- to four-bedroom detached house with a backyard, he said.

In Oakleigh East, buyers with the same budget would consider a townhouse, said Chris Kelepouris, managing director of Ray White Oakleigh.

Its market had gone “absolutely crazy” with local interest in the area near Monash University after borders closed to international shoppers, and it had become more of an inner suburb as shoppers were pushed further afield.

“You can’t have a house anymore, you’d buy a townhouse [for $1 million],” he said.

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“It’s kind of scary to think that if you don’t have that budget, you can’t watch zones anymore, unless you want a unit.”

Barry Plant Eltham director Jason Stepanow saw a ripple effect, where an influx of buyers in Doncaster and Templestowe drove up prices and left other buyers turning to Eltham and Montmorency.

Infrastructure such as train lines and sought-after schools were a plus, as well as the family community.

It was becoming increasingly difficult to buy under $1 million in Montmorency, but townhouses were available at six figures, he said, adding that larger homes would cost between 1 and 1, $2 million.

“The outlook is very positive as the number of buyers passing each inspection is very high,” he said. “Once the buyers start to decline, we will see a sign that the market is changing.”

There was a similar spillover effect in Dingley village, where shoppers driven from nearby Bentleigh East, Cheltenham and Mordialloc sought, said Buxton Dingley Village manager Nathan Arrowsmith.

“We see a lot of people coming in for more bang for their buck,” he said, adding that schools in the area are in demand.

He recently sold three-bedroom, two-bathroom townhouses for less than $1 million and said his budget would also buy an original, unrenovated three-bedroom single-story home.

In the city’s west, Maribyrnong has climbed into the million-dollar club amid demand from buyers looking to get closer to the CBD, said Mark Basilone, director of Biggin and Scott Maribyrnong.

The Highpoint Mall is also a plus, while the Suburb offers larger lots and good value compared to nearby Moonee and Essendon Ponds.

Tenants across town, such as more expensive Port Melbourne, St Kilda and Richmond, were considering Maribyrnong as a more affordable option.

Seven figures would buy a three-bedroom townhouse, but a family home would cost between $1.5 million and $1.7 million, he said.