The average value of an inner Melbourne dwelling is expected to be over one million dollars within a year. According to REIV, the average home value within 10 km of the city increased by more than $3500 per week over the last 12 months.

While prices across other Melbourne suburbs fell by 2 per cent in the three months to March 2010, prices in Melbourne's inner suburbs continued to boom. In last 12 months the median price in Melbourne's inner suburbs has seen a substantial increase from $710,000 to $893,500.

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