Where Victorian house values have grown the most: St Andrews Beach, Norlane, Bannockburn top state for growth since 2011

It’s no secret prices have skyrocketed over the past decade, but see just how much values have risen in every Victorian suburb since 2011 — and what the average house is worth now.

St Andrews Beach houses like this one at 389 Sandy Rd, on the market for $1.75m-$1.94m, have scored the biggest value growth in the decade, figures show.

Houses in St Andrews Beach have scored an incredible $700,000 value add over the past decade, with the median value there shooting up more than anywhere else in Victoria.

The idyllic coastal retreat, popular with surfers and fishing enthusiasts, notched a mega 134.1 per cent boost in the median value for houses since 2011, equivalent to a huge $780,674 rise.

Houses there now have a median of $1.36m, compared to just $582,153 a decade ago.

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Eastwood houses, near Bairnsdale, had the most sluggish growth for the decade, with values there rising just 10.8 per cent, or $47,184.

Buyers on a budget can currently snap up a place for as little as $483,520 in the suburb.

Victoria’s biggest and smallest growth performers of the decade have been revealed in new CoreLogic data.

It showed metropolitan Melbourne suburbs dominated the growth records, but many of the city’s most prestigious postcodes in the east and bayside regions were absent from the top performer list.

Geelong suburb Norlane and Bannockburn — just outside Geelong — were the only regional postcodes to figure among the state’s top 20 growth areas.

No. 210 Boundary Rd, Dromana, sold for $1.046m earlier this month.

Units were excluded from the data, as were suburbs with fewer than 20 transactions.

CoreLogic research director Tim Lawless said Victorian house values overall shot up 73.8 per cent in the decade, averaging 5.7 per cent annual growth, or $34,709 a year.

Greater Melbourne recorded a stronger rise than the regions, with house values there climbing 76 per cent since 2011, equivalent to a $412,243 rise in 10 years.

Each of the top performing postcodes, which include Dromana, Mt Eliza, Balaclava and Essendon North, had prices more than double.

Eighteen of the top 20 were in the metropolitan region, and 11 of those had a median house value of at least $1m.

This indicated suburbs with some prestige tended to attract the biggest rises, Mr Lawless said.

But blue-chip postcodes such as Toorak, Camberwell, Hawthorn and Brighton were absent from the list.

No. 4 Coleman Court, Norlane, recently sold for $525,000.

Traditionally cheaper suburbs including Crib Point, Bittern, Somerville and Frankston North recorded some of the strongest rises.

“It’s not that the most expensive suburbs have recorded a low growth rate, it’s more that other markets have recorded a higher growth rate. (They’re) often moving from a lower base as well, which pushes the percentage higher,” Mr Lawless said.

“Another factor is Melbourne’s inner east recorded a more significant down phase following the 2012-2017 surge in housing values.”

House values in the inner east tumbled 18.1 per cent between August 2017 and March 2019, while values across greater Melbourne dropped 11.1 per cent.

Melbourne’s median house value is currently $954,496 and regional Victoria’s is $534,809, according to CoreLogic’s latest Hedonic Home Value Index.

No. 4 Aquila Court, St Andrews Beach, transacted for $1.9m in June.

Sam Crowder of Crowders Real Estate said St Andrews Beach buyers moved to the area for a quieter beachside lifestyle.

Many who moved there over the decade had come from busy peninsula holiday hot spots including Portsea and Sorrento.

The locale had a slower pace and represented what Sorrento was “20 or 30 years ago”.

“(Sorrento) is still lovely for the majority of people, but for the locals that have been here for years, it has got a lot busier and they’re moving on,” Mr Crowder said.

Ray White agent Tanjil Williams said she bought in Dromana in 2013 and her home had tripled in value since then, though she had made improvements.

No. 62 Rosemond Way, Bannockburn, recently sold for $585,000.

Vendors were often “shocked” by what their homes were worth now when they decided to sell, she said.

Barry Plant Geelong director Chari Emirzade said Norlane and neighbouring Corio had become a hotbed of first-home buyer activity.

Buyers could pick up a home for about $400,000 and he said the affordable prices meant they had money left to renovate.

“It’s a seven-minute drive away from Geelong CBD, you are surrounded by a few shopping centres and you’re 50 minutes from Melbourne. It’s (also) big blocks,” Mr Emirzade said.

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PARADISE LIVING

Vanessa Prosser and Jamie Cutler are selling the St Andrews Beach home they share with their sons Oliver, 11, and Miller, 14. Picture: Jason Edwards

For Vanessa Prosser and Jamie Cutler, their home at St Andrews Beach is “paradise”.

From watching gorgeous sunrises and sunsets over the horizon to days spent surfing, jogging through the sand dunes, and exploring the quiet, walking tracks, Ms Prosser said there wasn’t much not to love.

They moved to the area more than a decade ago and fell in love with the slower pace and great community vibe.

If they weren’t moving to chase the sun and surf interstate, she said it was likely they would have stayed forever.

“My kids got really good at surfing during this lockdown,” Ms Prosser said.

“If we weren’t moving to Queensland I wouldn’t leave St Andrews Beach, it’s just paradise.”

The couple’s four-bedroom beach pad at 389 Sandy Rd is up for grabs for $1.75m-$1.94m.

Ms Prosser said other homes in the area cost up to $4m and their property was a great way to break into the market.

TOP 20 GROWTH SUBURBS

Median house values August 2011 v August 2021

Suburb Median value 2011 Median value 2021 Total change 10 years

St Andrews Beach $582,153 $1.36m 134.1%

Dromana $465,117 $1m 115.9%

Mt Eliza $842,941 $1.81m 115.2%

Crib Point $419,486 $893,229 112.9%

Balaclava $756,367 $1.6m 112.1%

Essendon North $689,901 $1.45m 110.7%

Bittern $478,009 $1m 109.9%

Abbotsford $675,748 $1.4m 108.2%

Doncaster East $736,614 $1.53m 108%

Frankston North $283,252 $588,744 107.9%

Bannockburn $344,645 $715,850 107.7%

Millgrove $284,157 $582,318 104.9%

Doncaster $744,421 $1.52m 104.8%

Oakleigh East $620,283 $1.26m 104.2%

Norlane $222,970 $453,930 103.6%

Kingsbury $464,933 $937,007 101.5%

Cremorne $766,405 $1.54m 101.3%

Somerville $432,032 $868,965 101.1%

Portsea $1.52m $3.06m 101.1%

Balwyn North $1.12m $2.23m 100.7%

No. 31 The Backwater, Eastwood, was snapped up for $490,000 in July.

BOTTOM 20 GROWTH SUBURBS

Median house values August 2011 v August 2021

Suburb Median value 2011 Median value 2021 Total change 10 years

Strathdale $471,494 $650,803 38%

Miners Rest $406,455 $557,174 37.1%

Trafalgar $364,686 $496,054 36%

Traralgon $329,261 $446,932 35.7%

Maiden Gully $576,894 $772,643 33.9%

Eaglehawk $314,996 $421,102 33.7%

Epsom $401,938 $534,311 32.9%

Tatura $294,111 $385,955 31.2%

Traralgon East $446,801 $578,707 29.5%

Shepparton $279,331 $360,842 29.2%

Mooroopna $239,941 $299,008 24.6%

Lakes Entrance $390,332 $468,864 20.1%

Orbost $225,793 $267,498 18.5%

Kialla $445,911 $524,597 17.6%

Paynesville $436,671 $509,682 16.7%

Corryong $202,106 $234,981 16.3%

Metung $473,097 $541,279 14.4%

Bairnsdale $321,227 $363,765 13.2%

Raymond Island $448,796 $499,647 11.3%

Eastwood $436,336 $483,520 10.8%

Source: CoreLogic