Melton A host of Melbourne’s most working class suburbs have cashed in on consistent house price growth to outpace the wider city for 10 years and counting.
New realestate.com.au figures reveal Melbourne’s median house has gained an average 5.8 per cent a year since the turn of the decade.
Meanwhile Melton South, one of the city’s most affordable suburbs, notched a 7 per cent a year boost that’s almost doubled its median house price from $215,000 a decade ago to $424,000 today.
BATTLER ‘BURBS BOOM
– Melton South: $215,000 — $424,000
– Werribee: $260,000 — $505,000
– Sunshine: $360,000 — $682,000
– Sunbury: $295,000 — $531,500
– Frankston North: $234,750 — $422,750
– Heidelberg West: $362,750 — $657,500
– Reservoir: $410,000 — $743,750
– Dandenong: $334,500 — $600,000
– Broadmeadows: $292,000 — $518,750
– Springvale: $400,000 — $711,250
*Source: realestate.com.au
Figures show median house prices from November 2009 to November 2019
Real Estate Institute of Victoria vice president Adam Docking said the decade-long battler boom had turned many of the suburbs around.
“People in those areas 10 years ago would have had no reason to brag whatsoever,” Mr Docking said.
“But they have now boomed as the average buyer has been priced out of other suburbs.”
Melbourne’s rising population also meant that many migrant families were helping to gentrify the suburbs, he said.
