Melbourne’s working class suburbs have earned themselves the title of best property performers in the country over the last year.
In a reflection of Melbourne’s excellent property performance over the past 12 months, the entire top ten suburbs for median growth were all from Victoria and 18 were from the top 20.
House prices in the Melbourne suburb of Ardeer were the biggest growers over the previous 12 months, jumping by an impressive 35.5 per cent, hitting a median price of $632,685.
The figures come from CoreLogic’s Top Performing Suburbs Report for May and show the next best suburbs were Melton South, Coolaroo and Broadmeadows which all recorded median price jumps in the mid-to-low 30s.
The data includes all properties in a suburb, not just median sale prices so can be seen as relatively accurate as a result.
Frank Valentic is from Advantage Property Consulting and told News.com that affordability was behind these suburbs’ success.
“I think we are seeing the face of these suburbs transform,” he said.
“Both are close to the CBD, under 15km, and mostly made up of family homes, meaning they are attractive to both young families and, in turn, investors.”
“I have no doubt within another 10 year cycle the suburbs will be unrecognisable in the same way we have seen previously throughout Melbourne including Glen Waverley and Highett.”
Bucking the trend was Brunswick West, which offered a slightly quieter lifestyle for families while still being close to everything that Brunswick is.
CoreLogic’s Tim lawless said the figures showed how well Melbourne and the rest of the State had done over the long term for property.
“The range of growth for 12 month performance was between 35.5 per cent at the highest and 23.2 per cent at the lowest,” he told News.com.
“The range of median value growth across five years was 122.7 per cent and 46 per cent.”
Australia’s Top Ten Suburbs for Median Value Growth
Ardeer (Houses) – 35.5% ($632,685)
Coolaroo (Houses) – 34.7% ($475,440)
Melton South (Houses) – 34.1% ($400,257)
Broadmeadows (Houses) – 32.7% ($571,824)
Cranbourne (Units) – 32.1% ($395,033)
Patterson Lakes (Units) – 30% ($612,856)
Campbellfield (Houses) – 29.8% ($533,929)
Doveton (Houses) – 28.9% ($527,527)
Melton (Houses) – 28.6% ($390,327)
Brunswick West – 27.8% ($1,167,425)