Melbourne’s top 100 suburbs for median house price growth over past 20 years
The Melbourne ’burbs with the biggest median house price gains over the past two decades have been revealed. See the “sleepy hollows” that rocketed out of their slumber, along with the full list of top 100 suburbs.
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Former “sleepy hollows” on the Mornington Peninsula have notched Melbourne’s largest house price gains of the past 20 years to become potent property markets.
Coast and country enclaves Tyabb, Somers, Rye and Tootgarook are among Greater Melbourne hot spots that reeled in incredible growth of more than 450 per cent since 2000.
Realestate.com.au data shows Tyabb was the city’s top long-term performer, with the suburb’s median house price shooting up 682 per cent over two decades, from $121,500 to $950,000.
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A typical house in Somers has skyrocketed 574 per cent in value since the start of the century, from $144,000 to $970,051, and in Crib Point, 560 per cent from $90,000 to $525,000.
Other peninsula pockets to make the citywide top 20 were Rye (up 481 per cent to $702,500), Blairgowrie (464 per cent to $924,000) and Hastings (461 per cent to $505,000).
Belle Property Blairgorwie agent Mal McInnes said the booming peninsula suburbs had sparked more buyer demand than the likes of blue-chip Sorrento and Portsea because they were far more affordable.
“We get excited about the prices we achieve, but buyers from Melbourne still perceive it to be quite cheap given how much values are up in the city,” Mr McInnes said.
“These areas have gone from being sleepy hollows to quite cosmopolitan seaside suburbs … and there’s a trend for more people to reside down here permanently.”
Clayton was Melbourne third-best performer of the past 20 years, according to realestate.com.au, with its median house price jumping 560 per cent to $1.2m.
Other notable growth suburbs were Springvale (up 510 per cent to $762,000), Box Hill (501 per cent to $1.624m), Chadstone (475 per cent to $1.116m) and Box Hill North (473 per cent to $1.26m).
Phillip Webb director Phillip Webb said population growth from migrant communities and infrastructure improvements had spurred on these hot spots.
“They have been absolutely transformed by the freeways in Melbourne and other amenities, like the continued development of Chadstone Shopping Centre,” Mr Webb said.
“Box Hill was never an exciting suburb in terms of the houses there, but it has grown immensely over time and now has incredibly big high-rise buildings.”
Realestate.com.au chief economist Nerida Consibee also attributed Clayton’s boom to the fact it was home to Monash University.
“The university has gone from strength to strength,” she said.
Ms Conisbee said many of the growth stars had also benefited from a ripple effect that had pushed entry-level buyers, who had been priced out of gentrified inner suburbs, further from the city centre.
This applied to western suburbs Laverton and Braybrook — both a few postcodes over from trendy Seddon and Yarraville — where the median house prices had soared 471 per cent to $542,500 and 464 per cent to $680,000 respectively.
She noted traditional blue-chip suburbs had also performed well since 2000.
Malvern led the way, with 502 per cent gains to a whopping $2.8m median, followed by Mont Albert North, up 486 per cent to $1,540,500.
“Well maintained homes in well located areas have always done well,” she said.
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TOP 100 PRICE PERFORMERS SINCE 2000
(Suburb, median price in 2000, median price now- June 2020, percentage increase)
1. Tyabb $121,500 to $950,000, 682%
2. Somers $144,000 to $970,051 574%
3. Clayton $182,000 to $1,200,500, 560%
4. Springvale $125,000 to $762,000, 510%
5. Malvern $465,000 to $2,800,000, 502%
6. Box Hill $270,000 to $1,623,500, 501%
7. Mont Albert North $263,000 to $1,540,500 486%
8. Crib Point $90,000 to $525,000 483%
9. Rye $121,000 to $702,500 481%
10. Tootgarook $104,000 to $600,000 477%
11. Bonbeach $152,750 to $880,000 476%
12. Chadstone $194,000 to $1,116,000 475%
13. Box Hill North $220,000 to $1,260,000 473%
14. Laverton $95,000 to $542,500 471%
15. Braybrook $120,500 to $680,000 464%
16. Blairgowrie $163,750 to $924,000 464%
17. Hastings $90,000 to $505,000 461%
18. Doveton $83,500 to $467,500 460%
19. Lysterfield $170,000 to $945,000 456%
20. Ashburton $315,000 to $1,750,000 456%
21. Frankston North $79,250 to $440,000 455%
22. Glen Waverley $240,000 to $1,330,500 454%
23. Safety Beach $145,500 to $805,000 453%
24. Bayswater $140,000 to $771,000 451%
25. Burwood $237,500 to $1,301,000 448%
26. Box Hill South $231,000 to $1,261,500 446%
27. Blackburn $242,550 to $1,320,000 444%
28. Lancefield $105,000 to $570,000 443%
29. Albert Park $420,000 to $2,271,000 441%
30. Edithvale $181,750 to $980,000 439%
31. Blackburn North $202,250 to $1,090,500 439%
32. Ashwood $219,050 to $1,180,000 439%
33. Mitcham $186,500 to $1,000,500 436%
34. Highett $239,950 to $1,285,000 436%
35. Heathmont $166,100 to $888,000 435%
36. Keysborough $138,000 to $737,500 434%
37. Balwyn $450,000 to $2,400,000 433%
38. Dromana $132,000 to $700,500 431%
39. Mount Waverley $253,300 to $1,340,000 429%
40. Kingsville $202,500 to $1,070,000 428%
41. Scoresby $160,000 to $845,000 428%
42. Northcote $259,000 to $1,367,000 428%
43. Springvale South $132,800 to $700,000 427%
44. Burwood East $210,000 to $1,106,000 427%
45. Murrumbeena $270,000 to $1,420,000 426%
46. Vermont $191,000 to $1,000,000 424%
47. Seaford $127,500 to $667,500 424%
48. Caulfield North $450,000 to $2,350,000 422%
49. Noble Park $125,000 to $652,000 422%
50. Preston $191,750 to $999,750 421%
51. Wantirna $177,500 to $925,000 421%
52. Nunawading $190,000 to $990,000 421%
53. Wantirna South $195,875 to $1,020,000 421%
54. Healesville $118,000 to $614,000 420%
55. Rosanna $218,000 to $1,130,500 419%
56. Ringwood $165,000 to $854,500 418%
57. Upwey $140,000 to $725,000 418%
58. Sunshine $137,750 to $710,000 415%
59. Oakleigh $217,500 to $1,120,000 415%
60. Rosebud $115,000 to $590,000 413%
61. Mulgrave $170,800 to $875,000 412%
62. Broadmeadows $107,750 to $550,000 410%
63. Mornington $169,000 to $862,500 410%
64. McCrae $146,750 to $747,500 409%
65. Dandenong $118,000 to $600,000 408%
66. Strathmore $275,000 to $1,398,000 408%
67. Surrey Hills $380,000 to $1,931,000 408%
68. Belgrave $131,250 to $666,500 408%
69. Knoxfield $154,500 to $784,500 408%
70. Newport $211,000 to $1,068,750 407%
71. Montrose $145,500 to $735,500 405%
72. Kew East $361,000 to $1,821,000 404%
73. West Footscray $166,000 to $835,000 403%
74. Kew $451,500 to $2,266,500 402%
75. Sorrento $283,000 to $1,420,250 402%
76. Carlton North $339,000 to $1,700,000 401%
77. Camberwell $429,000 to $2,150,000 401%
78. Boronia $143,000 to $715,000 400%
79. Mount Martha $200,000 to $1,000,000 400%
80. Blackburn South $216,250 to $1,081,000 400%
81. Ringwood East $165,000 to $823,500 399%
82. Clayton South $156,500 to $780,000 398%
83. Skye $124,600 to $621,000 398%
84. Altona $181,000 to $901,000 398%
85. Sunshine West $130,625 to $650,000 398%
86. Narre Warren North $233,500 to $1,155,000 395%
87. Sunshine North $135,000 to $667,500 394%
88. Glen Iris $399,000 to $1,971,500 394%
89. Hawthorn East $415,000 to $2,050,000 394%
90. Bentleigh East $247,000 to $1,220,000 394%
91. Mount Evelyn $134,000 to $660,150 393%
92. Croydon $151,000 to $741,750 391%
93. Thornbury $240,000 to $1,178,000 391%
94. Canterbury $589,000 to $2,885,000 390%
95. Heidelberg West $133,250 to $652,000 389%
96. Forest Hill $190,000 to $927,500 388%
97. Moorabbin $236,000 to $1,150,000 387%
98. Kilsyth $140,000 to $681,750 387%
99. Cranbourne $105,000 to $510,000 386%
100. Elsternwick $397,000 to $1,927,500 386%
Source: realestate.com.au
*This data is provided by licence from realestate.com.au Pty Ltd and is current at the time of publication. realestate.com.au Pty Ltd does not make any warranty as to the accuracy, completeness or reliability of the data nor accept any liability arising in any way from omissions or errors.