Some suburbs have recorded nearly 40 per cent growth since the end of 2018, and they’re not the usual suspects.
Narre Warren North had the most house price growth over the past five years, at 38.4 per cent.Experts say growth concentrated in outer and middle suburbs was due to COVID migration patterns.A mix of middle and outer Melbourne suburbs can be revealed as the city’s best performing over the past five years, after the house price medians grew as much as 40 per cent in some locales.
Melbourne’s overall median house price rose 22.1 per cent in the same period. Although it remains below its peak, the market has somewhat improved in recent weeks as clearance rates point to modest price rises and home buyers show renewed activity in expectation of a Reserve Bank rate cut later in the year.
“There’s definitely places in the middle-ring suburbs where people wanted to get out of the inner city. The two-bedroom townhouse was less appealing than the detached four-bedroom house.”Narre Warren North in particular reflected this trend; recent buyer Edward Hao said he saw great value in the leafy suburb.
“We’re getting international buyers, but we’re also getting buyers from inner suburbs, say Bentleigh, Oakleigh, and everywhere in between who are living on cramped smaller blocks,” she said. “If you move out to Narre Warren North, it’s tranquil and peaceful.” “The mosque has brought a lot of people out of Dandenong and Hallam, and they want the bigger blocks of land, closer to the mosque,” she said. “And then COVID. People said, ‘I can work from home, I want the peace and tranquillity of the big block’.”“I sold a house for someone who looked to see if they could find something for 12 months,” she said. Those buyers ended up buying in nearby Berwick after giving up on their first choice of suburb, Brettoner said.
Harcourts West Realty listing agent Matthew Farrugia said newer stages of the suburb’s development that were more expensive had been popular with previously entry-level buyers.
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