Victorian property values: Every suburb’s three-year median home price change
Victorians who have owned their homes since the start of the pandemic are well ahead in equity, with the worst of the downturn widely considered over. SEARCH YOUR SUBURB.
Victorians who have owned their homes since the start of the pandemic are well ahead in equity, with the worst of the downturn now widely considered over.
PropTrack data showing how the median house and unit price has changed in every suburb over the three years to March encompasses two years of lockdowns after Covid-19 hit, as well as the most recent 12 months when prices declined from March 2022.
Just 1 per cent of Melbourne suburbs have a median house price less than it was three years ago, while 30 per cent of suburbs have a lower median unit price.
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Despite Melbourne’s overall median home price recovery stalling in April after small growth in the first three months of the year, experts now consider the largest price falls to be in the past.
The Mornington Peninsula was the hottest market during the pandemic and its homeowners remain on top after a year of significant price falls.
Somers’ median house price is up the most in the three years to March, at 87 per cent, almost doubling from $920,250 to $1.72m, followed by Blairgowrie’s 85 per cent boom from $920,000 to $1.7m, PropTrack data shows.
The only two suburbs in the top 10 for biggest median house price gains in the three-year period are Narre Warren North’s 51 per cent rise from $1,163,500 to $1.755,000 (No. 9), and Lower Plenty’s 60 per cent rise from $1.01m to $1.62m (No. 6).
PropTrack economist Angus Moore said prices had fallen significantly on the Mornington Peninsula in the past year but homeowners were still vastly ahead.
“Even though prices might have fallen a little bit over the past year, they grew much faster in the pandemic, driven by people moving out of Melbourne, wanting more space at home, being less tied to the CBD for work, so places where you could find a larger home and places like the Mornington Peninsula and Geelong (had significant price increases),” he said.
Lower Plenty and Narre Warren North’s appearance in the top 10 also illustrate this shift to lifestyle and space, with unit medians being down more widely also tied to this trend.
Ray White chief economist Nerida Conisbee said the Mornington Peninsula market would continue to benefit from strong infrastructure links to Melbourne and its beachside lifestyle would continue to draw buyers.
City of Hume in Melbourne’s north was this week named by Hotspotting as one of Australia’s top 10 best buys for the next six months, with the forecasting and analytics group’s founder Terry Ryder pointing to its affordability, infrastructure and proximity to major job centres.
He said Melbourne’s most affordable areas had been “some of the standout markets” during the downturn, including Hume and Melton.
Top Melbourne suburbs for three-year median house price growth
Suburb, Median house price March 2020, Median house price March 2023, 3-year % increase
Somers, $920,250, $1,720,000, 87%
Blairgowrie, $920,000, $1,700,000, 85%
Balnarring, $875,000, $1,460,000, 67%
Rye, $695,000, $1,150,000, 65%
McCrae, $810,000, $1,300,000, 60%
Lower Plenty, $1,010,000, $1,620,000, 60%
Sorrento, $1,430,000, $2,250,000, 57%
Mount Martha, $1,007,500, $1,550,000, 54%
Narre Warren North, $1,163,500, $1,755,000, 51%
Bittern, $650,000, $972,500, 50%
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