Every Victorian suburb’s pandemic house price gains

Covid lined homeowners’ pockets with hundreds of thousands of dollars through a lifestyle-switch boom that drove hoards to sea and tree change suburbs. SEE HOW YOUR SUBURB ROSE.

Sally and Geoff Kwan, with daughter Audrey and son Tommy, are selling their Box Hill South house to move to Camberwell. Picture: Aaron Francis

Covid lined homeowners’ pockets with hundreds of thousands of dollars through a lifestyle-switch boom that drove hoards to sea and tree change suburbs.

Melbourne’s median house price soared $158,000 (22 per cent) in two years to $890,000, and regional Victoria’s $142,500 (36 per cent) to $540,000, PropTrack data shows.

House owners on the Mornington Peninsula watched their equity soar more than anywhere else in the state through lockdowns amid rocketing interest in heading coastal.

Somers’ median house price surged 85 per cent — the most in the state — between April 2020 and March 2022, rising $783,125 to $1,703,375.

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Portsea house owners licked their lips at a massive $1.55m increase in just two years, with its median house price growing 73 per cent to $3.675m.

Blairgowrie also had a 73 per cent median house price rise from $920,000 to $1.59m, while Rye’s figure surged 67 per cent from $695,000 to $1.16m.

In Dandenong Ranges tree change location Olinda, the median house price went up 48 per cent to $1.7m, and Gembrook’s rose 47 per cent from $660,000 to $967,500.

Closer to the city, prices grew 40 per cent and higher in Seddon ($750,000 to $1.04m), Frankston South ($825,000 to $1.15m), Mentone (from $980,000 to $1.39m), Alphington ($1.54m to $2.18m), Black Rock ($1.7m to $2.5m) and Diamond Creek ($750,000 to $1.04).

One for tennis fans, this house at 77 Franklin Rd, Portsea is on the market for $3m-$3.3m.

Take a step up to this property at 4 Limeburners Way, Portsea, which has a $4.5m-$4.95m asking price.

REA Group economic research manager Cameron Kusher noted it was “very abnormal” to see the whole country boom at once as it did throughout the pandemic, citing low interest rates and nothing else to spend on as drivers.

“So people decided to spend on property and move into a nicer home, renovate their home, and that added a lot of value to the property,” he said.

“People have also realised that life’s changed. And they want their home to be a lot more comfortable than it has been in the past because they’re spending a lot more time there, and they envisage they’re going to spend a lot more time there in the future as well.”

Harcourts Box Hill director Thai Tan said due to more people working from home, buyers appreciated renovated properties with plenty of space and gardens.

The cute 3 Pentland Parade, Seddon, is awaiting a new owner with $1.05m-$1.15m to spend.

A vintage baby blue kitchen.

Sotheby’s International Realty managing director Rob Curtain said Covid caused Peninsula stock to dry up, but noted figures in suburbs like Portsea and Red Hill could be skewed by particularly big sales amid low volumes.

Kay & Burton Flinders director Andrew Hines said people wanting to work from home but live near the beach were still seeking Peninsula pads.

Have the green views at 8 Yarraford Ave, Alphington, court your attention? It has an asking price of $4.9m-$5.39m.

Drive into 27 Fenton Crescent, Frankston South, another in demand suburb. This property has a $1.625m- $1.725m asking price.

Real Estate Buyers Agents Association of Australia president Cate Bakos said regional areas – such as Heyfield 206km east of Melbourne, where the median rose 81 per cent from $197,500 to $358,000 – remained popular due to affordability and lifestyle as the market cooled.

“The market has gone from galloping along to walking at the moment. Last year was FOMO,” she said.

“I think affordability and the quest for smaller city lifestyles will continue to drive a lot of people there.

“(But) I think we’ll see a return to inner ring suburb living (this year) because everyone rushed to escape the city and go to the regions.”

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– with Tim McIntyre

Sally and Geoff Kwan love their Box Hill South house but are moving to Camberwell for a lifestyle change. Picture: Aaron Francis

The Kwans’ home at 10 Haig St, Box Hill South, is up for auction. Their asking price is $1.7m-$1.8m.

MOVING ON

Sally and Geoff Kwan felt “disheartened” when searching for a new house during the pandemic peak because the properties they liked sold for “$40,000 to $50,000 above what was being quoted”.

Despite the wife and husband being prepared to pay up to $2.2m for a house, they gave up looking.

But the pair recently found a house in Camberwell, which their children, eight-year-old Audrey and six-year-old Tommy, also love.

Modern-looking 4/206 Balcombe Rd, Mentone, is for sale with prices hopes of $1.3m-$1.35m. Mentone’s median house price rose by more than 40 per cent in the past two years, making it one of Melbourne’s top-performing suburbs.

Perhaps 4/35 Albenca St, Mentone, is more to your taste – or budget – with a $600,000-$640,000 asking price.

“It’s actually around the corner from our favourite restaurant and there’s a really nice playground they go to nearby as well,” Ms Kwan said.

The family put their house at 10 Haig Street, Box Hill South, up for auction on Saturday.

“You don’t know what’s going to happen and with interest rates rising, we definitely wanted to buy and sell in the same market,” Ms Kwan said.

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