Melbourne suburbs where homes are gaining $1000s per day

Melbourne’s richest homeowners got richer in 2019, with a typical house in one exclusive suburb gaining almost $4800 every 24 hours. This is where owners watched their fortunes soar daily.

Samantha Landy

2 min read

December 21, 2019 - 8:00AM

Homeowners watched their fortunes soar daily across Melbourne this year, with a typical house in one exclusive suburb notably gaining almost $4800 every 24 hours.

New Real Estate Institute of Victoria data reveals Toorak’s median house price had the biggest daily gains in 2019, rising $4779 per day to hit $4.525 million.

The rich also got richer in Malvern, where the house median jumped $2667 each day to $2.83 million in the year to September 30, as well as Armadale ($2638 to $2.47 million) and South Yarra ($2636 to $2.21 million).

Chemist Warehouse co-founder’s family buys neighbouring Toorak mansions

Melbourne’s best performing suburbs of 2019 revealed

3 Heyington Place, Toorak recently sold for more than $20 million.

Unit owners cashed in too — especially those in Caulfield South, where the daily rises on a typical apartment, villa or townhouse equalled $2063 to hit a $1.401 million median price, according to REIV.

The property type was also a big earner in Brighton East (up $1976 per day to $1.34 million), Fitzroy North ($1004 to $795,500), Balwyn North ($914 to $1.24 million) and Highett ($882 to $980,000).

In comparison, the average Melbourne household earns a weekly income of $1542, according to the latest census.

69 Sutherland Rd, Armadale bagged a buyer for more than $17 million.

REIV president Leah Calnan said the research showed “real estate continues to be a strong investment”.

She said many of the postcodes showing the biggest daily rises were the “hardest hit” by the downturn experienced by the Melbourne market from late 2017 through to the start of this year.

But they’d displayed “amazing turnarounds” since May’s federal election, and would “continue to have strong growth” into 2020.

Ms Calnan said unit prices in the inner city were being buoyed by buyers who “aren’t able to afford a house” but still wanted to live near the CBD.

108/670 Glen Huntly Rd, Caulfield South sold to a first-home buyer for $667,000 this year.

Hodges Caulfield director Golan Flamm said there had been “growth in every direction” in the Caulfield South unit market since the election, spurred by improved buyer confidence, low interest rates, loosened lending criteria, and the Coalition win killing Labor’s controversial proposed housing tax changes.

Mr Flamm said the suburb also offered easy access to the CBD, public transport, highways, Monash University, and Southland and Chadstone shopping centres.

He warned new “cookie cutter apartments” weren’t enjoying stellar gains. But units with decent-sized floorplans and outdoor spaces in central locations were highly sought.

MORE: New chapter for one of Victoria’s oldest pubs

Golf course designer tees up sale of Brighton mansion

Winemaker lists historic Nagambie home and cellar

samantha.landy@news.com.au

BIGGEST DAILY PRICE GROWTH OF 2019

Houses

Toorak: up $4779 per day to $4.525m median

Malvern: $2667, $2,825,450

Armadale: $2638, $2,467,500

South Yarra: $2097, $2,212,500

Elsternwick: $2077, $2m

Albert Park: $2007, $2.271m