Top property hotspot in Melbourne this year so far revealed

While metropolitan Melbourne’s median house price declined 1.4 per cent over the quarter to $793,000, REIV president Robyn Waters identified that the median house price in Elthan rose 7.3 per cent to $950,000 over the quarter, and Greensborough’s median price increased by 6 per cent up to $808,000.

“Melbourne’s Green Wedge Council proved to be our property hotspot for the first quarter of 2019 as the area’s idyllic surrounds and enviable lifestyle boosted house values. You can still get impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars,” Ms Waters said.

“Consistent with 2018 trends, some outer areas continue to do well, with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1 per cent increase, Mulgrave is at number four with a 4.7 per cent increase, and Point Cook in fifth place, also with a 4.7 per cent increase.

“Interestingly, we are also starting to see signs of recovery in Inner Melbourne, with Glen Iris and Balwyn North making the top 10 this quarter, recording increases of 4.3 per cent and 4.2 per cent, respectively.”

Overall, Ms Waters said the market was fairly stagnant in 2018, due to property owners choosing to hold or renovate instead of selling in an uncertain market.

“I think we’ll need to wait until after the federal election to see any major change to that climate,” Ms Waters said.

“Looking at the annual picture, the top 10 performers for median house price growth between April 2018 and March 2019 were all in Outer Melbourne, demonstrating the popularity of affordable options for families who have their heart set on the ‘great Australian dream’.

“In suburbs like Sunbury, Craigieburn and Wollert, you can still secure a great family home for $500,000 to $600,000, which is attractive to potential owner-occupier and investors,” Ms Waters said.

New house and land packages are coming on board in newer estates like Officer and Clyde North, which is seeing infrastructure and facilities being introduced to these areas to meet the demand from the supply.

Regional Victoria was also seen to outperform metropolitan Melbourne, with some towns recording gains of nearly 10 per cent for the quarter.

“Four of the top 10 towns for median house price growth in the March quarter were in the Ballarat area: Redan topped the list with an increase of 9.8 per cent to $357,000, Ballarat East was at seventh with a 4.4 per cent increase to $355,000, just ahead of Soldiers Hill at eight with a 4.3 per cent increase to $485,000, and Brown Hill with a 3.5 per cent increase to $440,000,” Ms Waters said.

“In the 12 months to 30 March 2019, three regional towns reported growth of more than 24 per cent: Wonthaggi, Redan and Wendouree, which is a resounding endorsement for the property markets in these areas, given the current cooler climate.

“Strong annual growth was also found in Stawell, Bendigo, Irymple, Trafalgar, Mount Clear, Wallan and Maryborough.”

The top metro suburbs for house price growth for the quarter, according to the Real Estate Institute of Victoria, are:
1. Eltham
2. Narre Warren South
3. Greensborough
4. Mulgrave
5. Point Cook
6. Keysborough
7. Glen Iris
8. Glen Waverly
9. Balwyn North
10. Mount Eliza

And the top regional suburbs for house price growth for the quarter, according to the Real Estate Institute of Victoria, are:
1. Redan
2. Trafalgar
3. Bendigo
4. Stawell
5. Irymple
6. Wonthaggi
7. Ballarat East
8. Soldiers Hill
9. Brown Hill
10. Portland