Melbourne home prices: Eight suburbs join the $1m club to end 2024

Multiple Melbourne suburbs have defied the odds and grown across 2024, despite widespread home value falls for almost 200 suburbs around the city.

Melbourne’s million-dollar club has defied the odds and grown across 2024, despite widespread home value falls for almost 200 suburbs around the city.

Eight areas have had typical home prices stretch to seven figures, including Diamond Creek, Oak Park, Greensborough and Keilor East.

It comes at a time when wider Melbourne’s typical home value has declined 1.1 per cent in the past year, with values declining or flat in 195 suburbs.

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PropTrack economist Anne Flaherty said the additions to Melbourne’s $1m club proved that even when the broader trend was for home values to be falling, that wasn’t always what would happen in individual suburbs.

“And a lot of these suburbs have a few things in common,” Ms Flaherty said.

“They are all middle-outer suburbs that are on train lines and all have good lifestyle amenity.

“So it’s not surprising they have been more resilient, or that they continued to see price growth.”

Coburg North’s median price rose above the $1m mark this year. 7 Snapshot Drive, Coburg North has a $1.1m-$1.2m price guide.

The economist noted that one of the few things that would have kept some of the suburbs out of the $1m club previously was their distance to the CBD — which was becoming less of a concern as Melbourne’s urban boundary expanded.

“Diamond Creek was almost a country area 20 years ago, but now it is very much Melbourne,” Ms Flaherty said.

For Coburg North, Keilor East and Oak Park, Ms Flaherty said there was also the ripple effect in play, with areas closer to Melbourne like Brunswick now unaffordable for many buyers who were simply working their way further out.

The three-bedroom home at 10 Sovereign Rise, Diamond Creek is up for sale with $1m-$1.1m price guide

Bell Real Estate’s Corinne Sukroo said Ferny Creek, which topped the list, had been gaining popularity for its relaxed lifestyle as the acceptability of working from home had grown.

And with more people moving to the area, Ms Sukroo noted many were renovating and updating residences which had raised the quality of homes in the Dandenong Ranges suburb.

“And, there are no traffic lights in the suburb — the nearest one is in Ferntree Gully,” she said.

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Melbourne’s new million-dollar club suburbs

Suburb: 2023 median — 2024 Median

Ferny Creek: $936,500 — $1.19m

Diamond Creek: $950,000 — $1.078m

Oak Park: $939,500 — $1,077,500

Greensborough: $980,000 — $1.04m

Keilor East: $970,000 — $1.015m

Coburg North: $900,000 — $1,008,750

Ringwood: $995,000 — $1.005m

Beaconsfield: $985,000 — $1.005m

Source: PropTrack

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Morrison Kleeman director Craig Parker said both Greensborough and Diamond Creek had performed well throughout the year, with buyers increasingly appreciating its array of shops and eateries, a local cinema and pool, plus a train station and popular schools.

“And I have said for years that Greensborough is undervalued and underpriced,” Mr Parker said.

Ferny Creek had one of the biggest price jumps among the $1m club. 50 One Tree Hill Road, Ferny Creek is currently on the market.

He noted that both areas would likely have even brighter futures ahead of them when the North East Link was completed in a few years’ time.

In Melbourne’s north, Nelson Alexander’s Sam Gotzilianis said while Coburg North had been a dangerous place 30 years ago when Pentridge Prison was still open, the former lockup was now more commonly a place to go see a movie or grab some dumplings with friends.

With many locals in the suburb catching up for barbecues and to exchange presents for their neighbours’ kids at this time of year, he said a family-friendly nature was now part of the area’s fabric, as it was for nearby Oak Park.

32 Wahroonga Cres, Greensborough, one of the suburb’s where the median house price rose above $1m, is on the market for $1m-$1.1m.

“And they are value for money areas,” Mr Gotzilianis said.

“You can still get a family home with a backyard for $1m. In the south east or east, that won’t happen.”

And with an easy commute to the city as the two almost neighbouring areas are largely set along two train lines, he said their rise through the ranks to $1m median house price status had likely been inevitable.

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Originally published as Melbourne home prices: Eight suburbs join the $1m club to end 2024