Home lottery winners: where Victorian property prices have risen the most in the past five years

Many lucky Victorian homeowners have hit property pay dirt, with prices more than doubling in the past five years in many areas. SEE THE TOP 10.

Bright in regional Victoria was the top suburb for price growth in the past five years. 27 Mountbatten Ave is currently on the market

Many lucky Victorian homeowners have hit property pay dirt, with prices more than doubling in the past five years in many areas.

Fuelled by a supercharged pandemic price growth, regional Victorian houses in Bright have jumped a whopping 152 per cent since 2018, with the median price now $1.285m.

Houses in Venus Bay and Trentham also jumped 133 per cent and 127 per cent respectively, according to new PropTrack data.

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“More than doubling in price in five years is pretty abnormal, and it again speaks to how much people wanted to get away from Melbourne,” Executive Manager of Economic Research at PropTrack Cameron Kusher said.

“These areas have great lifestyles but also (are) significantly cheaper than living in Melbourne.”

The biggest property lotto winners in Greater Melbourne were both house and unit owners on the Mornington Peninsula and the southeast, with six of the top 10 housing and unit markets seeing the largest increases.

22 Leader Reef Drive, Bright has $2.69m price hopes.

“The big driver for the Mornington Peninsula has been what happened during the pandemic, we know people wanted to escape Melbourne, that’s why a lot of the areas have seen the strongest price growth,” Mr Kusher said.

“It’s even more prevalent when you look at the unit market.”

Mount Eliza units saw the biggest jump in the state since 2018, with their median prices rising from $590,000 to $800,000.

This was followed by Rosebud, Hastings (both 33 per cent) and Capel Sound (32 per cent) — as more investors and downsizers pushed prices up in these beach lifestyle areas.

14-193-197 Mount Eliza Way, Mount Eliza just went under offer, after being advertised with a $675,000-$710,000 price guide.

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Alphington, in Melbourne’s northeast, was the one inner-city suburb to make the top 10 — whose median price broke the $2m barrier, up $860,000 (73 per cent) in five years.

One of the surprise entries was Garfield, as prices nearly doubled in the outer southeast region – rising to a whopping $956,000 for your average house.

33 Keith Street Alphington is on the market with a price guide of $2.1m-$2.3m.

“Sprawl is moving further down, and when you do have newer housing stock coming in there — five years ago there wasn't as much, the housing quality (in Garfield) was much lower, and that quality has picked up now,” Mr Kusher said.

The supercharged level of growth for regional Victoria has made existing property owners much richer, however those looking to make a tree-change now should not expect these sorts of price rises to continue.

“If we project forward, yes they (the top regional Victorian suburbs) are still cheaper than living in Melbourne, but these places are nowhere as affordable as they used to be,” Mr Kusher said.

“I wouldn’t think we would continue to see strong price growth like that going forward.

“With workers coming back to the city and to the offices more regularly, its less viable to live in a lot of those areas than it was during the pandemic.”

Cameron Kusher from REA Group.

Nationally, Bright was the number one growth suburb in the whole country, while Jindabyrne (NSW), and Venus Bay rounded out the top three.

Exclusive data from PropTrack recently predicted that if prices grow at the same pace as they did in the past five years, areas such as Bright could hit a shock median price of $3.551m by 2028.

Surf Coast town Anglesea was also forecast to jump from a current median of $1.83m to $4.186m, while properties in Point Lonsdale could reach $3.189m from $1.51m.

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