Overwhelming demand from household consumers has pushed home costs in Blackburn to rise 17.2 per cent up to now 12 months – making it the top-performing suburb of Melbourne’s east.
Pricing shot as much as a $1,605,944 median, as neighbouring Blackburn North additionally recorded important progress of 13.9 per cent to a $1.24m median home value, in response to realestate.com.au.
And brokers say the tightly held space is now “on the high” of wishlists for househunters’ being priced out of close by $2m-plus markets.
RELATED: Prime-performing suburbs of Melbourne’s south
Top-performing Melbourne western suburbs for price growth
Doncaster East, Burwood East and Camberwell also made the list for the biggest median house price growth in the region.
Jellis Craig Whitehorse partner John Stack said Blackburn was still seen as the “more achievable” premium suburb of the leafy east.
“Due to the increases in pricing, it has priced a lot of families out of Mont Albert, Surrey Hills ($2.107m) and Glen Iris ($2.306m), so we’ve seen Blackburn as their next suburbs of choice,” Mr Stack said.
“It has been somewhat undervalued, but now people are looking for more space, bigger blocks and it’s at the top of their lists.”
He said there was also added competition from buyers who were coming from Boroondara, drawn to the “lifestyle” location and sought-after Box Hill High School zone.
For units, Burwood was ranked No. 1, with strong 16.4 per cent price increase to a $873,500, while Blackburn came in second with a jump of 14.9 per cent to a $787,500 median.
“Deakin University is a big drawcard for investors in Burwood,” Mr Stack added.
“A lot of people are taking advantage of the fact that international borders will be reopening in the coming year.”
Templestowe also made the list for both houses and units, with jumps of 13.8 and 12.1.
Barry Plant Doncaster East’s Todd Lucas said most of the suburbs had benefited from a low turnover of stock.
“Most people look to move and stay here for over 30 years or more,” Mr Lucas said.
“We’re seeing a generational change happening in Manningham and our numbers at open for inspections are up 30 per cent over the past 12 months. There’s more and more buyers and a lot of contest.”
He expected more listings to hit the market before the year was over, with seller confidence rising as Melbourne’s Covid restrictions continued to lift.
TOP PERFORMING HOUSE MARKETS
Suburb, median house price, change in past 12 months
Blackburn – $1,605,944 – 17.2%
Blackburn North – $1.24m – 13.9%
Doncaster East – $1,422,500 – 13.8%
Templestowe – $1,593,500 – 13.8%
Burwood East – $1.199m – 13.6%
Camberwell – $2.385m – 13.6%
Blackburn South – $1.265m – 12.3%
Glen Iris – $2.306m – 12.2%
Surrey Hills – $2.107m – 12.1%
Box Hill South – $1.401m – 11.6%
TOP PERFORMING UNIT MARKETS
Suburb, median unit price, change in past 12 months
Burwood – $873,500 – 16.4%
Blackburn – $787,500 – 14.9%
Burwood East – $809,050 – 14%
Kew East – $956,000 – 12.5%
Mont Albert North – $1.2m -12.1%
Templestowe – $827,000 – 12.1%
Box Hill South – $917,000 – 9.2%
Kew – $878,500 – 8.8%
Surrey Hills – $920,000 – 8.2%
Canterbury – $910,000 – 6.4%
Data: realestate.com.au, suburbs must have had 20 sales or more to be included
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
READ MORE: How to cash in on the ‘ripple effect’ in property
Robin Boyd: Modernist dream home one of Beaumaris’ best