In Melbourne, many lucky residents have now successfully promoted the ranks of the millionaires because they bought a house in the right neighborhood 10 years ago.

With the continuous rise in house prices over the past 10 years, Melbourne’s Kingsville, Notting Hill and Forest Hill are currently ranked in the top 10 in the fastest-rising neighborhoods in Australia.

According to Australian real estate research firm CoreLogic, Kingsville is the fastest-rising neighbourhood in Melbourne’s median house price. In the past 10 years, the median price has risen by A$651,000 to A$109.15 million.

Among the fastest-increasing house prices in Melbourne, the eastern and western regions dominated, with Notting Hill’s median house price rising by A$638.5 million, Forest Hill up by A$592,400, Vermont up by A$588,500, and Nunawading. It increased by A$586,000 and Mitcham gained A$579,900.

At the same time, the median price for entering the Melbourne Million Block neighborhood in 10 years is Newport, Oakleigh South and Flemington.

In this regard, Geoff White, head of CoreLogic’s Victoria business, said that the central-to-outer ring district in the east of Melbourne has been boosted by property buyers in more distant areas, rather than the inner city buyers who have been in strong demand.

“Buyers who buy houses in the neighborhoods above are usually looking for buyers in real estate in the inner inner eastern part of the city. Then they realize that the prices in these places are higher than the budget. For this reason, they began to consider the blocks further outside the east, as the next one replacement of.”

White said, “The comfort, housing standards, construction, infrastructure, and shopping convenience of these neighborhoods are also very good, so if buyers can’t afford a one-block price, they’ll just look in the neighborhood. They will want to It is not very far from our original plan and it is more in line with our budget’.”

White stressed that many residents living in the Kingsville neighborhood may have overlooked these neighborhoods and are also a good place to live near the city center.