Every Melbourne suburb’s median house and unit price gains in 2021

Typical Melbourne houses piled on $19 every hour in 2021. Find out how much houses and units in your suburb gained each day.

Homes like 11-12 Maclaine Court, Narre Warren North, have benefited as prices in the suburb rose more than $1000 a day across 2021.

Typical Melbourne houses piled on $19 every hour last year.

The extraordinary stat has emerged as the city’s median price gained a staggering $170,000 to reach $1.07m last year, according to the latest Real Estate Institute of Victoria suburban median price data.

The boom was so big that 35 suburbs’ median house price jumped $1000 or more a day.

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The biggest daily earners were Shoreham and Flinders on the Mornington Peninsula, as well as East Melbourne, with their median house prices rocketing between $5125 and $3425 every 24 hours.

However these figures emerged from low sales numbers and could have been skewed by a handful of particularly affluent properties.

By contrast, only four suburbs ended the year with a lower median price: South Kingsville, Brunswick East, Mont Albert and Deepdene. These too could have been influenced by poorer quality or smaller homes selling compared to a year prior, with low sales volumes.

REIV president Adam Docking said the astronomical growth despite ongoing lockdowns and the Covid-19 pandemic had proven “no matter what happens, Australians have a massive love affair with property”.

“But these price increases are not sustainable,” Mr Docking said.

“I think we will still see a positive market this year, but a more balanced one.”

Time was definitely money in Shoreham, on the far side of the Mornington Peninsula, where the typical home price rose $5125 a day to $3.23m, or $3.50 every minute — about the cost of a coffee.

339 Tucks Rd, Shoreham, sold for $2.2m in August 2020, it sold again for $3.11m in 2021.

The large property is situated in one of Victoria’s most accelerated growth markets of 2021.

Kay & Burton Flinders director Andrew Hines said with limited sales in the area, the medians would have been skewed by some “healthy results” at the top end of the market, driven by the “lifestyle changes Covid has caused”.

“I have been saying to people that we have seen 50 per cent growth, not 138 per cent,” Mr Hines said.

“But 2021 was a pretty extreme year.”

Toorak had the biggest gains among the suburbs with more robust sales numbers, with the well-heeled postcode’s median surging $1986 a day to finish 2021 at $5.175m.

Outer suburbs also made hundreds of dollars every 24 hours, with Pakenham’s $610,750 median rising $236 a day and Sunbury’s $642,500 boosted $257.

5 Earhart St, Pakenham, is listed for sale at $600,000-$660,000 thanks in part to the suburb’s median house price rising $257 a day in 2021.

But the year’s soaring property prices weren’t all good news.

Property Home Base director Julie De Bondt-Barker said in 20 years in the industry she’d never seen as much heartache for would-be buyers as she had in 2021.

“A lot of first-home buyers got left behind last year,” Ms De Bondt-Barker said.

“They are becoming very resigned. It’s soul destroying for some of them. And I have seen no change this year.”

She added that the government needed to find a way to intervene outside of current programs that typically led to further price rises for affordable homes.

WHY NARRE WARREN NORTH HAS BOOMED $1000+ A DAY

Renee Haoust and Adil Laarous bought their 11-12 Maclaine Court, Narre Warren North, home for $800,000 in 2012.

As they prepare to sell it this year it’s expected to earn $2.1m-$2.3m and help them make a sea-change with their daughters Kenitra, 11, and Nahla, 7, as well as their pet groodles Blue, 1.5 years old, and Brixton, 3.

Ms Haoust said that like many in the area they had extensively renovated it, updating the kitchen, turning lower-ground storage into a man cave and gym, plus adding a backyard pool and entertainment zone.

Whether it’s the renovations or the luck of the market, they’ve been watching other homes in the area sell for “astronomical figures” and buyers haven’t slowed.

“I think people are wanting to have that proximity to the city, we’re about 30km out, so they can work from home but have a country lifestyle,” Ms Haoust said.

The family have extensively renovated the house they’ve lived in since it cost just $800,000.

O’Brien Narre Warren director Fabian Villella said the typical buyer in the Narre Warren North area was now a 39-year-old onto their third home after benefiting from price growth in a neighbouring suburb.

“And, talking to a lot of our buyers, the size of the homes were a factor after living in lockdown with a few kids,” Mr Villella said.

“That’s what actually made them take that step.”

Mr Villella said with limited homes for sale, Narre Warren North buyers usually faced stiff competition which was likely to keep the suburb’s prices on an upward trajectory.

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