Victorian suburbs where buying a decade ago could mean you’re sitting on a gold mine

The median house price in one Victorian suburb has risen by more than 350 per cent over the past decade. Find out if your suburb has had incredible growth.

Whether you are looking for country paradise or inner city bliss, every potential homebuyer wants a good deal.

10 years ago, some homebuyers made better choices than others, with median property values in some towns soaring more than 350 per cent, according to the latest Victorian government data.

Homeowners who bought in Leitchville, in the state’s north, have seen the biggest property value jump at 351.02 per cent from 2013 to 2023.

Leitchville real estate agent Tanya Harvey said the massive price increase was not surprising.

“The Murray Goulburn factory which was the biggest employer in Leitchville closed down in 2010, causing house prices to decline,” she said.

“Since then, Covid and the high cost of living has left more people looking for nice, affordable family homes and Leitchville is a great option.”

Ms Harvey said Leitchville, which is just 10 minutes from Cohuna and 30 minutes from Echuca, has seen a lot of families and young locals moving to the area.

“Families looking to own their own home, and local kids looking to buy their first property are the ones purchasing homes in Leitchville,” Ms Harvey said.

“Over the past 10 years, I have noticed competition going up as more people set their eyes on the area.”

House prices have soared by more than 250 per cent in Kew East, Ivanhoe East and St Kilda West over the past 10 years.

Other regional towns that have seen major house price growth include Marysville, located in the Yarra Valley; the beachfront town of Mallacoota; and Beeac, which is nestled in the state’s west near the Otways.

House price growth isn’t exclusive to the regions, with inner city suburbs like Kew East, Ivanhoe East and St Kilda West all experiencing more than 250 per cent increases.

Some of the suburbs where house prices have changed over a decade.

Nelson Alexander Real Estate Kew partner Cameron Ingram said Kew East had seen huge growth as older homes were renovated or new homes were built in the area.

“Kew East was always known as the poor cousin to Kew due to factors including the noise of the Eastern Fwy,” he said.

“As more people are looking for a well connected suburb with plenty of amenities, Kew (East) has become more appealing.”

Mr Ingram said young professionals looking for more space and families are purchasing houses in Kew East, as it is still more affordable than Kew.

*The latest 2023 statistics are preliminary and may be subject to change.