News

Nearly 100 Melbourne suburbs achieve double digit house price growth

06 August 2021

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.

 

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