Located about 9 kilometres south-east of Melbourne, Armadale is bound by Toorak, Prahran, Caulfield North and Malvern. Its best streets include Avondale Road, Hampden Road, Huntingtower Road and Mercer Road.
Armadale was one of several suburbs to join the “$1 million” median house price value in 2007.
According to the REIV, Armadale’s median house value for the year ended December 31, 2007, is $1,165,500, an increase of 16.5 per cent from the same period a year earlier.
The REIV’s annualised figures are considered statistically more reliable than the quarterly figures released throughout the year, because they survey a much greater sample of properties.
Average median weekly asking rents for units are $300 per week in the December 2007 quarter, up $10 since the September quarter.
Gross rental yields for houses in Melbourne are now 4.12 per cent, a drop from 4.23 per cent in the September 2007 quarter. Gross rental yields for apartments in the December 2007 quarter were 4.8 per cent, compared to 4.9 per cent in the September 2007 quarter.
It is widely tipped a new price record will be set in early 2008, with the mansion of art dealer Rod Menzies expected to fetch about $15 million. This breaks the recent record set for a home in Flete Street, which sold for around $14 million.