Melbourne affordable home markets with biggest annual price growth

The No. 18 Scenic Drive, Launching Place, is on the market for $ 715,000.

Melbourne’s more affordable suburban home prices have skyrocketed by 47% over the past year. It may not be that cheap right away as it is expected to grow further.

Launching Place has grown the fastest of the zip codes priced below the median home price of $ 780,000 across the city. was found.

A typical home in the “charming lifestyle suburbs” at the eastern end of Melbourne adds 21.16% annually to its value, reaching $ 700,000.

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Tecoma’s No. 36 Blackwood Street has price guides from $ 650,000 to $ 715,000.

Double-digit growth as sea and tree change paradises dominate the list of affordable growing stars in homes, including Tootgarook, Crib Point, Bittern, Capel Sound, lush Romsey, Waran, and Tecoma on the Mornington Peninsula. Was recorded.

Sunshine is an easily top-performing unit market below Melbourne’s median of $ 590,000, with typical units rising 46.91% to $ 570,000.

Western suburbs such as Kingsville, Albion and West Footscray also accounted for more than 20%, and Bayswater North and North Melbourne accounted for more than 18%.

Experts say these findings should confidently meet vendors in these markets. But they also Affordable deterioration In the recovery after the blockade of Melbourne.

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This sunshine unit on 3 / 78-80 Anderson Road could be yours for $ 650,000 to $ 675,000. economist Anne Flaherty said that the most powerful and cheap unit markets are primarily in the north and west regions of the “population-beneficial” CBD, and “roads” like the Parkville Metro Tunnel project. And improving the railway infrastructure. ” North Melbourne.

She attributed the rise of the affordable paddlewheel housing market to “increasing adoption of tele-working post-COVID”, where people reassess “where they want to live.”

“In the suburbs of scenic areas with access to nature and lifestyle, prices rose significantly last year,” said Fraherty.

This helped push up launching place prices, said Jenny Webb, director of Barry Plant Wooliya Rock, alongside the strong local first-home buyer market that was producing “multiple offers for real estate.” It was.

“Launching Place is a suburb of attractive lifestyle, offering block sizes from about 600 square meters to an area,” she said.

“More people are looking for lifestyle properties that provide space both on the outside and on the inside.”

The No. 72 Booran Parade, Tootgarook, will go under the hammer on April 17th with a price guide of $ 650,000 to $ 695,000.

A similar factor worked on the Mornington Peninsula, according to YPA sales manager Chris Farr. Locals thought the prices in markets such as Tootgarook, Capel Sound and Rosebud were “too expensive and uninteresting”, but city-based buyers considered them “great value”. I did.

“Two weeks ago I auctioned a property in Tootgarook for $ 895,000 and sold it to a buyer who was paying $ 3,500 in downtown Melbourne. The mortgage repayment will be less than the rent. “Fahl said.

“The property is selling well above the vendor’s expectations. Certainly we can’t see the price go down.”

About 10 years ago, Michael and Tara Curry bought a three-bedroom Tootgarook house and chose the suburbs over their “busy” famous neighbor Rye.

“There are exactly the same beaches (in Tootgarook), including the surf beach at the end of Truemans Road,” he said.

The spa is part of the 72 Boulan Parade package.

They are now set in their auction 72 Boulan Parade Home — After refurbishment, including the creation of a “nice entertainment area with a spa behind” — Saturday, April 17, with a $ 650,000- $ 695,000 price guide to move on to your next project on the peninsula.

“We also saw the houses around our area selling very well,” Curry said. “So we jumped at that opportunity.”

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Affordable growth star in Melbourne

Homes – Below the median home prices in Metro Melbourne ($ 780,000)

Launching Place: Median price rises 21.16% annually to $ 700,000

Toot Garlock: 19.17%, $ 715,000

Crib points: 17.14%, $ 615,000

Aintree: 15.57%, $ 705,000

Romsey: 15.25%, $ 680,000

Nigari: 14.01%, $ 732,500

Lynbrook: 13.62%, $ 698,750

Waran: 13.4%, $ 550,000

Capel Sound: 12.96%, $ 610,000

Tecoma: 12.55%, $ 740,000

Summerville: 12.38%, $ 708,000

Chirnside Park: 12.31%, $ 768,650

Burnside Heights: 12.06%, $ 669,000

Noble Park North: 11.89%, $ 682,500

Rosebud: 11.88%, $ 650,000

Units-Metro Melbourne below median unit price ($ 595,000)

Sunshine: Median price rises 46.91% annually to $ 570,000

Kingsville: 33.53%, $ 567,500

Albion: 27.27%, $ 350,000

West Footscray: 23.08%, $ 560,000

Bayswater North: 19.79%, $ 575,000

North Melbourne: 18.48%, $ 545,000

Ripponlea: 16.1%, $ 575,000

Point Cook: 16.07%, $ 487,500

Preston: 16%, $ 580,000

Flemington: 15.38%, $ 465,000

South Morang: 13.64%, $ 462,500

Park Building: 13.04%, $ 520,000

Tullamarine: 12.54%, $ 525,000

Hadfield: 11.22%, $ 545,000

Rosebud: 10.58%, $ 575,000

Source:, excluding suburbs with sales less than 20

Place of originMelbourne affordable home markets with biggest annual price growth

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