Every Melbourne and Victorian suburb’s median value growth in past year: Search your suburb

Beachside suburbs and towns have scored massive gains as buyers seek fresh air. Whether you live regionally or in Melbourne, see where your suburb stands and its performance over the past year.

Rebecca DiNuzzo

@BeckiDi

3 min read

July 10, 2021 - 12:00AM

Suburbs in Melbourne’s Mornington Peninsula recorded the biggest price gains for homes in the financial year. The pad at 2 Hurley St, Sorrento, sold for $3m in April.

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Rye, Blairgowrie and Sorrento have topped metropolitan Melbourne as the city’s best growth performers after property values in the idyllic sea-change hot spots soared last financial year.

Affordability came into play in the popularity of homes in the Warrnambool and southwest region, which topped the state’s country regions for growth in the 12 months to June.

CoreLogic’s latest quarterly growth data shows how much property values in every suburb in greater Melbourne and regional Victoria rose in the second quarter of 2021 and in the year to June.

SEARCH YOUR SUBURB BELOW

No. 50 Queens Rd, Sorrento, sold in March for $4.65m.

Mornington Peninsula suburbs dominated the price gains both in the three months from April to June and across the financial year.

Portsea, Bittern and Sorrento homes recorded the biggest boost in the quarter, with values there jumping between 11.5 and 12.8 per cent.

The holiday hideaways of Rye, Blairgowrie and Sorrento notched up a staggering 32.2 to 33.4 per cent annual rise, the biggest jump of all metropolitan Melbourne suburbs.

Median home values in each of the beachside suburbs now hover between $1.06m to $1.96m.

CoreLogic’s national head of research Eliza Owen said the data helped buyers and vendors time their property decisions in line with ebbs and flows in the market.

High-growth suburbs reflected strong demand in those areas and big monetary gains for homeowners keen to sell, while buyers wanting to purchase at the bottom of the market were better holding off or looking at suburbs where value growth wasn’t peaking.

No. 20 Normanby Rd, Sorrento, sold for $2.855m in June.

“The Mornington Peninsula as a whole has definitely been a breakaway performer across

Melbourne for the past 12 months and it’s definitely been a feature of Melbourne’s housing performance through Covid,” Ms Owen said.

“This is a distinctive trend for Covid. Before, I think we would have seen a broader base trend across greater Melbourne (in the top growth areas).”

Ray White chief economist Nerida Conisbee noted in July’s Ray White Now report Melbourne had experienced the softest price growth last year compared to the nation’s other capitals.

No. 61 Iolanda St, Rye, sold in May for $1.1m.

But parts of regional Victoria had their strongest value gains on record, with sea and tree change locations dominating the biggest growth areas.

Despite the price rises, properties in many of the locations were still relatively more affordable than their Melbourne counterparts, according to the report.

“Like the rest of Australia, prices in Melbourne have grown, although a little bit more subdued than other cities,” the report noted.

No. 72 Dowling St, Mortlake, sold in February for $235,000.

“At the top end of the market we have now seen the number of $1m regional Victorian towns double with Jan Juc, Anglesea and Mt Macedon hitting this level over the past 12 months.”

Ms Owen said affordability had pushed up demand and home values in the Warrnambool and southwest region, with its town of Mortlake topping the financial year for growth in regional Victoria and Timboon topping the quarter.

No. 7 Sherwood Rd, Rye, sold in June for $1.2m.

Mortlake homes skyrocketed 39.7 per cent in the year to a median of $290,265.

Timboon house values rose by 15.7 per cent in the quarter to a median of $446,734.

No. 32 Parson St, Rye, sold in May for $1.25m.

Regional house and unit values surged 15.9 per cent in the year, while greater Melbourne’s values — crippled by migration outflows as Melburnians fled stay-at-home orders to live in the regions as well as bans on foreign students and travellers entering the country — rose by just 7.7 per cent.

Metropolitan Melbourne’s house and unit value growth was the softest in the country due to its lockdowns, according to CoreLogic’s latest Hedonic Home Value Index.

No. 16 Como Ave, Rye, sold for $1.23m in May.

“Regional Victoria has seen an enormous uplift in values especially relevant to Melbourne, so people looking to make the sea or tree change now would definitely be paying more than they would have pre Covid,” Ms Owen said.

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