Double digit house price growth has been achieved by 92 of Melbourne’s suburbs in the last 12 months.
Buyers are continuing to move away from the inner city areas and are spending up in the middle and outer suburbs as the city plunges into repeated lockdowns.
The median house price broke through the $1 million barrier recently, hitting a record $1,022,927 and an increase of around 16 per cent over the past 12 months.
The vast majority of suburbs in the top ten for price rises – nine out of the ten in fact – were from suburbs more than 10 kilometres from the city.
House price in Warrandyte for example rose a whopping 25 per cent over the past year, well above the city-wide average.
The rush to buy houses more geared towards lifestyle has also meant many buyers being priced out are having a crack at those inner city apartments left on the shelf.
Units have also recorded a record mean price – rising to $572,793 in Melbourne.
East Melbourne is one inner city location that has recorded exceptional growth, with their median unit price up 22 per cent and leading the way.
Domain’s Nicola Powell said the middle and outer suburbs are now hot property.
“It has seen some of the highest growth rates in Melbourne since the Global Financial Crisis recovery in 2009,” she told Domain.
Melbourne suburb price rises – houses
|
Suburb |
Median house price |
YOY |
5-year |
|
Warrandyte |
$1,352,000 |
25.80% |
38.40% |
|
Pascoe Vale South |
$1,154,000 |
25.40% |
54.90% |
|
Brunswick East |
$1,237,500 |
23.80% |
48.20% |
|
Diamond Creek |
$917,500 |
21.50% |
48.90% |
|
Lysterfield |
$1,115,000 |
18.00% |
34.20% |
|
Ormond |
$1,647,000 |
17.20% |
26.70% |
|
Noble Park North |
$720,000 |
17.10% |
38.20% |
|
Oakleigh |
$1,310,000 |
17.00% |
33.30% |
|
Viewbank |
$1,129,000 |
17.00% |
33.60% |
|
Frankston North |
$520,000 |
16.90% |
56.20% |
Source: Domain House Price Report, June quarter 2021.
Melbourne suburb price rises – units
|
Suburb |
Median unit price |
YOY |
5-year |
|
East Melbourne |
$835,000 |
22.20% |
-25.40% |
|
Thornbury |
$621,250 |
20.60% |
35.80% |
|
Surrey Hills |
$941,000 |
17.60% |
35.40% |
|
Northcote |
$625,000 |
16.00% |
30.80% |
|
Cheltenham |
$665,000 |
14.70% |
35.70% |
|
Langwarrin |
$508,000 |
14.20% |
54.50% |
|
Bonbeach |
$637,500 |
13.50% |
51.80% |
|
Balaclava |
$670,000 |
11.70% |
16.50% |
|
Fairfield |
$568,000 |
11.20% |
20.70% |
|
Collingwood |
$656,000 |
10.70% |
20.30% |
Source: Domain House Price Report, June quarter 2021.
