Melbourne’s real estate market is witnessing a slight slump of sorts although 70 suburbs have been bucking this trend as per reports. Several suburbs in and around Melbourne are posting price growth in double digits over the last year or so. A whopping 70 suburbs throughout Melbourne saw prices growing by at least 10% or even more for the year till the 30th of September, 2018, as per studies. Millgrove is possibly the best out of the lot with prices increasing by a handsome 30.8% to stand at a median value of $401, 500 from 31 sales transactions.
Dallas also posted 26.6% of growth with median prices touching $529, 500 from a total of 55 transactions while Elmwood, the beachside suburb posted 22.9% of growth with median prices coming to $1.7 million from 78 transactions. More than 20% of price growth was seen in suburbs like Melton, Melton South, Melton West, Whittlesea, Blairgowrie, Yarra Junction and Keysborough among others. Most of these suburbs are located more than 20 kilometres away from the Melbourne CBD.
8 postcodes in the City of Casey saw price gains in double digits. Hampton Park grew by 16.9% with prices touching $550, 000 while they touched $493, 500 in Doveton which indicates an increase of 16.2%. The Yarra Ranges had 7 suburbs making it to the list of top performers while there were 6 suburbs each from Hume, Cardinia and Mornington Peninsula in the list.
Most of these areas will continue generating high housing demand due to comparative affordability as per experts. These markets will keep drawing first-time buyers and hence there will be sustained growth for them in the future. Outer Melbourne also continues to profit from the market conditions which drove buyers farther away from the city centre. Even though prices are increasing rapidly in these outer suburbs, they still continue to be affordable housing options. Value for money, for instance, is the biggest draw for homebuyers coming to Millgrove. Several people are also attracted to the peaceful semi-rural lifestyle within easy commuting distance of the eastern suburbs in Melbourne from here and also from Yarra Junction.
