Monday, February 21, 2011

2010 Melbourne Top Growth Suburbs

The REIV has just released the Melbourne annual median house price for 2010, the strongest year for price growth since 2001, increasing by 20.4% ($95,000) from $465,000 in 2009 to $560,000 in 2010. The star performer is Altona, with median house price surging by 34.7% ($169,000) to $656,000. The top 20 growth suburbs for capital gains are shown in the table below (Ref 1).

Henry Da Silva, director of Ray White Altona, said having Prime Minister Julia Gillard living in Altona had added to its prestige. He said: "I think people's curiosity has (brought) people to the area and they have decided it is a good place." (Ref 2)

Trends over the past 5 years show the western suburbs increasing in popularity with Altona, Braybrook, Maidstone and Footscray West all in the top 10 growth suburbs (Ref 3). In 2010, the western suburbs that experienced double-digit growth include Altona, Keilor East, Sunshine and St Albans (Ref 2).

However, some of Melbourne's most expensive suburbs did not perform well in 2010, with their values going backwards. Armadale had the biggest loss with 7% ($117,500) wiped off its median house price, followed by Toorak where prices fell by 2.1% (Ref 2).

Rank
Suburb
2010 Median
2009 Median
1 Year Change
1
Altona
$656,000
$487,000
34.70%
2
Keilor East
$620,000
$471,000
31.60%
3
Heidelberg Heights
$600,000
$460,500
30.30%
4
South Yarra
$1,500,000
$1,160,000
29.30%
5
Heidelberg West
$480,000
$373,000
28.70%
6
Ashburton
$995,500
$778,000
28.00%
7
Oak Park
$649,500
$508,000
27.90%
8
Elsternwick
$1,257,500
$985,000
27.70%
9
Caulfield North
$1,410,000
$1,106,000
27.50%
10
Springvale South
$475,000
$373,500
27.20%
11
Hadfield
$545,000
$429,250
27.00%
12
Dandenong
$435,000
$343,000
26.80%
13
Lysterfield
$680,000
$537,000
26.60%
14
Airport West
$587,000
$465,500
26.10%
15
Albert Park
$1,300,000
$1,031,000
26.10%
16
Avondale Heights
$580,000
$460,000
26.10%
17
Blackburn
$882,500
$700,000
26.10%
18
Fitzroy North
$947,500
$752,000
26.00%
19
Box Hill South
$796,000
$632,500
25.80%
20
Nunawading
$645,000
$513,000
25.70%



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