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Top 15 Growth Suburbs in Victoria – Some Possible Reasons Why?

By Janet Spencer

Top 15 Growth Suburbs in Victoria – Some Possible Reasons Why?

According to REIV median data and the quarterly change in values from December 2012 to March 2013, there has been alot going on in the top 15 growth suburbs in Victoria.

Here is a list of suburbs, with the March 2013 median figure, comparing with the December 2012 median figure for residential property and the quarterly change percentage.

Suburb Mar-13 Median Dec-12 Median Quarterly Change
1   DONCASTER     $830,000 $708,000 17.20%
2   BRIGHTON       $2,000,000 $1,778,500 12.50%
3   BALWYN            $1,392,500 $1,250,000 11.40%
4  BALWYN NORTH $1,090,000 $980,000 11.20%
5  NORTHCOTE     $885,000 $805,000 9.90%
6  CAMBERWELL   $1,400,000 $1,287,500 8.70%
7  MOUNT MARTHA $635,000 $585,000 8.50%
8  BENTLEIGH EAST $693,750 $640,500 8.30%
9  NEWPORT          $665,000 $617,500 7.70%
10 LANGWARRIN $430,000 $399,950 7.50%
11 HAWTHORN    $1,499,500 $1,400,000 7.10%
12 RICHMOND     $854,000 $802,000 6.50%
13 ROWVILLE       $561,000 $529,000 6.00%
14 FRANKSTON    $360,000 $340,000 5.90%
15 PRESTON            $637,500 $610,000 4.50%
Growth Suburbs – Find out more from the REIV research

As you can see the top suburb for growth was Doncaster with a massive leap in prices of 17.2%.  Wonder if everyone thinks the Victorian Government will build the train line out there finally?  There has been much talk on this and the City of Yarra is lobbying hard with local homes sporting posters “Trains not Tolls” for some time now.    Still only a concept we believe but it would be good if they could make this train line happen.

Has Peninsula Link already impacted on property prices in Mount Martha and Frankston?

There is huge variety in location and price range from Eastern Suburbs of Melbourne in the private school belt to areas like Roweville, Frankston and Langwarrin all betting a berth in the top 15 performers.  The top price median was $2,000,000 in Brighton and the lowest $360,000 in Frankston.  Wonder what is driving the market locally in each area?  If you are local and have a view, please send us your comments. 

I also wonder whether parents choices in relation to controlling the cost of  high school education by choosing highly regarded public high schools rather than private education is a factor.  Notably, the zoned and highly regarded Balwyn High, Mackinnon Secondary College, Frankston High, Richmond Girls College, Kew High and Camberwell High all have suburbs in the top 15 performers forming part of their capture zones.  You must live in the zone to attend the school, so where you live can be vital.

For more up to date information on what’s happening in real estate in Melbourne, contact Janet at  jspencer@buyersolutions.com.au or 0418 101 146.

By Janet Spencer

Buying property, Expatriate Aussies, Housing Affordability, Housing Market, Investment, Investment property, Real Estate News & Opinion, State of the market

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