How does five-year capital growth of between 78% and 94% sound? Read on for a rundown of the top 10 best performing suburbs for capital growth in Melbourne over the past five years.
The Real Estate Institute of Victoria (REIV) has released its median price data from 2011, and has provided an interesting insight into the markets that experienced the greatest median house price growth between 2006 and 2011.
Top 10 growth suburbs (5-year, houses):
|
Suburb |
2011 Median |
2006 Median |
5-year change |
|
Ivanhoe |
$1,152,500 |
$595,000 |
94% |
|
Albert Park |
$1,340,000 |
$717,500 |
87% |
|
Sunshine North |
$435,000 |
$234,000 |
86% |
|
Braybrook |
$428,500 |
$230,500 |
86% |
|
St Albans |
$386,000 |
$210,000 |
84% |
|
Sunshine |
$430,000 |
$238,000 |
81% |
|
Brunswick East |
$776,000 |
$430,750 |
80% |
|
Doveton |
$329,500 |
$183,000 |
80% |
|
Airport West |
$565,000 |
$315,000 |
79% |
|
Springvale |
$472,000 |
$265,000 |
78% |
Source: REIV. Only suburbs with 50 or more sales in 2011 are included.
Overall, houses in the metropolitan region were found to have shown median price growth of 46% between 2006 and 2011, while units and apartments recorded a similar figure of 45%. Houses in regional Victoria saw less impressive five-year median price growth of 27% according to the REIV.
Recent history has not been so kind to the Melbourne market, judging by the REIV’s statistics. Metropolitan houses saw a median price drop of -1.8% during 2011. The REIV does point out, however, that this drop needs to be seen in the context of the 18% rise seen during 2010.
Regional houses, however, outperformed their metropolitan counterparts, recording median price growth of 3.6%, according to the REIV.
|
2011 |
2010 to 2011 |
2010 |
2006 to 2011 |
2006 |
|
|
Metro (Houses) |
$540,383 |
-1.80% |
$550,000 |
46% |
$370,000 |
|
Metro (Unit and Apartments) |
$456,000 |
-1.30% |
$462,000 |
45% |
$315,000 |
|
Regional Victoria (Houses) |
$315,000 |
3.60% |
$304,000 |
27% |
$248,000 |
Source: REIV
Despite the -1.8% median house price drop recorded in metropolitan Melbourne, there were several suburbs that recorded impressive growth figures last year. Derrimut (15%) and Healesville (13%) were the standout performers, according to REIV data.
Top 10 growth suburbs (1-year, houses):
|
Suburb |
2011 Median |
2010 Median |
1-year change |
|
Derrimut |
$460,000 |
$400,000 |
15% |
|
Healesville |
$421,000 |
$372,500 |
13% |
|
Fitzroy |
$912,500 |
$835,000 |
9% |
|
Taylors Lakes |
$510,000 |
$470,000 |
9% |
|
Melton |
$293,500 |
$271,000 |
8% |
|
Cairnlea |
$519,750 |
$482,000 |
8% |
|
Toorak |
$2,567,500 |
$2,385,000 |
8% |
|
Cockatoo |
$360,000 |
$335,000 |
8% |
|
Chirnside Park |
$483,500 |
$450,500 |
7% |
|
Ivanhoe |
$1,152,500 |
$1,075,000 |
7%Bottom of Form |
Source: REIV. Only suburbs with 50 or more sales in 2011 are included.
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