Boom not over: House prices increase in 279 Melbourne suburbs

Two thirds of Melbourne’s suburbs have defied the market drop, posting price rises. See how much homes are worth in your suburb.

Karen He and Chang Lin with their nine-month-old daughter Mia in the rear garden of their four-bedroom townhouse at 2/17 Moorookyle Ave, Hughesdale, which is for sale. Picture: Aaron Francis.

Melbourne’s home price boom is not over yet. Two thirds of suburbs have defied the overall market drop, posting home price rises in the past three months.

The median house price grew in 279 suburbs from July to September, even as the Reserve Bank of Australia jacked up interest rates.

Oakleigh heads the list with a 6.2 per cent upswing, closely followed by Belgrave Heights and Hughesdale in the city’s south east, new PropTrack figures show.

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Meanwhile the typical house in 11 suburbs have either entered the city’s million-dollar club for the first time, or returned to it after dropping out briefly earlier in the year.

These areas included Avondale Heights, Keilor East, Greensborough, Hurstbridge and Knoxfield.

This four-bedroom townhouse at 2/17 Moorookyle Ave, Hughesdale is on the market. The suburb was one of the top-performing in Melbourne for median house price rises.

The contemporary home features a welcoming entrance foyer to an inviting open lounge and double doors to a spacious downstairs main bedroom.

A sliding-glass door leads to the north-facing rear garden with an undercover deck featuring cafe blinds and grassy areas.

The PropTrack data also showed Albert Park, Ascot Vale and Kingsville’s unit median prices rose by more than 10 per cent in the September quarter.

The good news for homeowners follows PropTrack’s Home Price Index, which revealed Melbourne’s typical house had lost 5 per cent of its value since March, based on aggregated movements across the city.

A four-bedroom house at 40 John St, Oakleigh, will be auctioned on November 5 with a $1.48m-$1.58m asking range. Oakleigh had a 6.2 per cent increase in median house prices.

The rear living and dining zone encased in wall-to-wall windows with sliding access onto two separate alfresco entertaining spaces.

A charming weatherboard facade.

PropTrack senior economist Eleanor Creagh said the larger size of properties in some high-performing suburbs was contributing to their popularity.

“We have seen preference shifts continued since the onset of the pandemic, many people are looking for larger homes, bigger block sizes and more space,” Ms Creagh said.

8 Archer St, Blairgowrie, is on the market with a $3.4m-3.6m price guide.

A kitchen with stone benches, an integrated Fisher & Paykel fridge and freezer and acclaimed Miele appliances join the alfresco deck with remote louvre roof and outdoor barbecue kitchen.

Designed over one level with two separate wings, the home has oak flooring, 3m high ceilings and three bathrooms.

Barry Plant executive director Mike McCarthy said his agency’s data reflected that medians had increased for about two thirds of houses.

The company’s September quarter sales results for both houses and units showed a 3.8 per cent median hike between the September 2021 quarter and this September, including a 2 per cent rise since March this year.

With five bedrooms and two bathrooms, 10 Durham St, Eaglemont, will be auctioned on October 22 with a $1.96m-$2.15m price range.

Set on 2810sq m, this four-bedroom house at 102-104 Kennington Park Drive, Endeavour Hills, will be auctioned online with a $2.28m-$2.5m asking range.

A circa-1920a house with contemporary upgrades at 22 Kitchener Road, Tecoma, has three bedrooms. It is for sale with a $1m-$1.1m asking range.

Mr McCarthy said key factors behind this were high employment rates and a shortage of homes for sale.

“I’m hearing from franchisees on the ground that even if people can’t borrow as much, they are keen to get into the market, as they feel secure in their job,” Mr McCarthy said.

“Actually, this is a pretty good time to sell if your property is well-presented and you’re not expecting the massive premiums of 12 months ago.”

He said homes in Taylors Lakes, Mill Park, South Morang and Pakenham Upper were still attracting plenty of buyers at open for inspections.

6 bedrooms set over three levels and a spa bath are among the features of 11 Rodeo Court, Endeavour Hills. The house has a $1.05m-$1.15m asking range.

Set on 548sq m, this house at 3 Furlong Court, Endeavour Hills, has five bedrooms. It will be auctioned on October 29 with $900,000-$990,000 price hopes.

Ray White Victoria chief executive Stephen Dullens said since about the second or third week of August buyers had seemingly “just got on with it”.

“Everything just kind of improved, the clearance rate, the number of bidders at auction … there are still some selling $100,000 or $200,000 over reserve,” Mr Dullens said.

“From $500,000 to $1.5m, people are seeking out what they want — and that is mostly renovated homes.”

This three-bedroomer at 4 Oakwood Lane, Belgrave, is on the market for $700,000-$770,000.

Close to Endeavour Hills Shopping Centre, 1 Belah Place, Endeavour Hills, has three-bedrooms. The house has a $650,000-$715,000 price guide.

A renovated four-bedroom 1920s Californian bungalow at 24 Willesden Rd, Hughesdale, will be auctioned October 15 with a $1.2m-$1.3m asking range.

Advantage Property Consulting director and buyers’ advocate Frank Valentic said family homes, renovated and turnkey properties “were flying” at the moment due to a shortage of listings, with features like pools and home offices in demand among buyers.

“I think if you’re selling it’s not a disaster zone, properties are still selling, it’s just more of a buyer’s market,” Mr Valentic said.

“I expect the transition to a buyer’s market to continue and for there to continue to be more opportunities for buyers and it to be tougher for sellers.”

He noted that overall, this would include less bidders at auctions and less “runaway and record results” in the near future.

A three-bedroom house at 12 Edis Court, Endeavour Hills, is for sale with $730,000-$800,000 price hopes.

28-32 Carlsberg Rd, Eaglemont, is on the market for $6.2m-$6.8m.

A period-style three-bedroom house at 2 Sandells Rd, Tecoma, boasts ceiling roses, vintage door handles and leadlight accents. It has a $1.05m-$1.155m price guide.

The PropTrack figures for median price growth in the 12 months to September show houses in several Mornington Peninsula areas notched large median increases, including Cape Schanck growing by almost a third.

Mr Valentic said many of his clients who could work from home or who wanted a holiday house were purchasing on the Peninsula.

“You’re going to get more bang for your buck, for argument’s sake let’s say in Blairgowrie, Cape Schanck and Rye, along with a beach lifestyle and land, compared to a little terrace in Richmond,” he said.

This three-bedroom house at 10 Hunter Rise, Endeavour Hills has a $660,000-$726,000 price guide.

A three-bedroom house at 14 Mueller Court, Endeavour Hills has a $740,00 -$800,000 price range.

The ability for some people to work from home and a desire for larger homes was contributing to middle and outer suburban areas like Oakleigh, Belgrave Heights and Hughesdale performing strongly, Mr Valentic added.

Ray White Carnegie sales consultant Jin Ling said the once “sleepy” suburb of Hughesdale next to Oakleigh attracted between 100 to 150 groups during a three-and-a-half week campaign.

Mr Ling said as buyers were priced out of surrounding areas like Caulfield and Carnegie they had been “opening their eyes” to its charms, including the availability of 600-700sq m blocks.

“A lot of young families are coming into the area, which is very tight-knit and people look out for each other,” he said.

Karen He and Chang Lin with their nine-month-old baby Mia at their home in Hughesdale, which is for sale. Picture: Aaron Francis.

The townhouse is a short walk to Hughesdale Primary School and Chadstone Shopping Centre all close by.

One of two bathrooms.

Chang Lin and Karen He have loved their time in family-friendly Hughesdale.

Mr Lin said they’d also been pleasantly surprised to hear good news about the suburb’s house prices holding up despite a market correction.

Especially given the four-bedroom townhouse at 2/17 Moorookyle Ave where they brought nine-month-old daughter Mia home to in December, is going under the hammer with $950,000-$1.04m on October 29.

The main bedroom has a walk-in wardrobe and ensuite, while three upstairs bedrooms also have walk-in wardrobes.

The outdoor deck is ideal for entertaining or dining with family.

Enjoy ducted heating, evaporative cooling and reverse cycle airconditioning, double blinds, solar hot water, a garden shed and a laundry.

In order to be closer to family, they’re selling the home where they’ve enjoyed entertaining inside and out after three years in the home in a quiet street near Oakleigh Central and local train stations.

Mr Lin said he believed the next owner would benefit from more than just property prices.

“I think the location is key to what we love about it,” Mr Lin said.

“We’re close to parks and schools, we can walk to Hughesdale Primary School.”

Ms He said she enjoyed the area’s community culture and meets up regularly with other new mothers.

MELBOURNE’S TOP 10 GROWTH SUBURBS

Oakleigh: 6.2% to $1,448,642

Belgrave Heights: 5.66% to $1,033,329

Hughesdale: 5.64% to $1,626,435

Blairgowrie: 5.51% to $1,819,642

Eaglemont: 5.51% to $2,509,281

Cape Schanck: 5.45% to $1,945,304

Belgrave: 5.2% per cent to $917,313

Rye: 5.11% per cent to $1,270,158

Endeavour Hills: 5.06% to $851,406

Tecoma: 5.05% to $953,678

MELBOURNE’S BOTTOM 10 GROWTH SUBURBS

Dandenong South: -12.39% to $1,332,452

Officer South: -8.49% to $734,432

Docklands: -7.49% to $1,574,357

Plenty: -7.49% to $1,565,390

Macedon: -5.42% to $1,188,442

Wonga Park: -4.81% to $1,684,929

Westmeadows: -4.4% to $713,315

Warrandyte: -4.18% to $1,442,545

Portsea: -3.97% to $3,922,852

Melbourne: -3.83% to $1,246,110

Growth tracked July 1 to September 30

Source: PropTrack

Note: The latest data goes to a suburb level via a more detailed automated valuation model, which estimates values for specific properties, and can show differences to the previously released citywide modelling.