Real estate in Melbourne has seen growth in its values, with ten per cent of all suburbs in the city boasting a median value of $1 million or more.
With 3,700 properties sold for seven figures last year, the amount is expected to increase in 2013, according to News Limited.
Real Estate Institute of Victoria (REIV) spokesman Robert Larocca told the Herald Sun that the next few weeks will be crucial.
He explained: "This year has started better than 2012 ended. This means that since spring last year the market has been gradually rising.
"This weekend will clearly tell us if that's going to be a trend."
According to the REIV - as of January 2013 - there are 40 suburbs across Melbourne that have a median value of $1 million or more.
East Melbourne is the highest valued suburb, commanding a median price of $2.27 million, while Toorak is the only other suburb to crack the $2 million mark, on $2.195 million.
What may be worth noting is that a number of suburbs with the magic million figure are located in areas far removed from the heart of Melbourne.
Red Hill South is in the top five on the REIV list, but is over an hour away from the CBD.
