Glen Waverley was the only suburb to notch more than 200 seven figure house sales across the city last year, with 218, while neighbouring Mt Waverley managed 196.

The east dominated the list, with Templestowe, 182, Bentleigh East, 167, and Doncaster East, 157, rounding out the top five.

But Harcourts, Judd White, director Dexter Prack said there were lower stock levels in Glen Waverley and Mt Waverley when compared to the postcodes’ huge prior year.

“For us as an agency, we definitely noticed across the board a 10 per cent drop in stock levels and there was a slight correction in the prices,” he said.

“But what we noticed over the last six months was due to the lack of stock, the demand was quite similar which actually held prices in good stead.”

Suburbs with the most $1 million house sales in Melbourne 2016

Glen Waverley: 218

Mt Waverley: 196

Templestowe: 182

Bentleigh East: 161

Doncaster East: 157

Glen Iris: 128

Richmond: 120

Balwyn North: 115

Mt Eliza: 113

Northcote: 11


Read More