Its latest analysis of units and apartments shows that eight of the top 10 most expensive suburbs are by the bay. This is up on six suburbs, recorded at the same time in 2001.
As demand drives this newer housing market it is clear that Melburnians like living near the bay, the REIV said. Long term trends such as these show that demand for this style of housing is likely to continue over the long term.
Docklands is Melbournes most expensive suburb to buy an apartment, with a median value of $472,500. Toorak, which is the most expensive suburb to buy a home, came second.