What a million dollars used to buy you ...

Author: Kate Nancarrow
Date: January 16, 2008
Publication: The Age

We take a look at the Melbourne market over the past 30 years to see how far a million dollars used to stretch. You may be surprised.
5
Five years ago, $1 million bought a 50-square Templestowe home with six bedrooms, balcony, double garage, tennis court, pool and home office. Today, a similar home would sell for $1.5 million, estimates Peter Fort of Fletchers in Doncaster East.
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Ten years ago, $1 million bought a 41 square home on Beaconsfield Parade with beachfront views, five bedrooms, double garage, pool house, heated jet pool and spa. Today, a similar home would sell for $5-$6 million, estimates Michael Coen, of Hocking Stuart in Albert Park.
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Twenty years ago, $1 million bought a 45 square Hawthorn home with five bedrooms, tennis court and swimming pool. Today, a similar home would sell for between $2.5 million and $5 million, says Julian Tonkin of Collins Simms in Hawthorn.
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Thirty years ago, in 1977, there were no sales figures of $1 million. A 91-square Toorak house with six bedrooms, pool house, basement double garage and pool; and a 94-square Toorak house with five bedrooms, tennis court and separate servants quarters each sold for between $500,000 and $600,000. Sales in Toorak for six-bedroom homes have been from about $5.5 million to $11 million this year. Exceptional sales in Toorak included a home for $18 million, says Fiona Evans of Biggin & Scott, Prahran.

(Source: Land Victoria, a division of the Department of Sustainability and Environment)