What's Happening in Nunawading, VIC…

Property sales exceeding the million dollar mark are becoming more prevalent in Mitcham, Victoria.

During the past month, six properties have been added to the list, which began with the suburb’s first-recorded million dollar sale in November 2009. They included a Premier Avenue property for $1.011m, a Cook Road house for $1.025m, a Fuller Street house for $1.08m and both 52 and 54 Owen Street, which sold for $1.312m and $1.272m respectively.

According to Matthew Scafidi, director of the Mitcham office of Noel Jones, a real estate firm, property prices had been on the increase for some time.

He described Mitcham as a place on the move and said the million dollar sales were becoming more frequent. Many, he said, were put on the market by established homeowners seeking to downsize.

It is believed that several factors are serving as catalysts in driving the increased prices, including new planning zones, where permits and plans are included with the property sales and, alternatively, escalated interest in the area due to the Mitcham railway station’s $197m upgrade.

Real estate marketing strategies such as brochure printing are attracting increasingly more interest from potential buyers.

According to a Real Estate Institute of Victoria spokesperson, Mitcham traditionally attracts families looking for lifestyle and space. This has contributed to sustained growth in prices and greater demand for larger homes.