Melbourne’s top 20 suburbs for house price growth since 2000

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Mornington Peninsula enclaves have reeled in some of Melbourne’s largest house price gains of the past 20 years.

Coast and country suburbs Tyabb, Somers, Rye and Tootgarook dominated Greater Melbourne’s top performing price growth suburbs since 2000.

Realestate.com.au data shows Tyabb topped the list, with the suburb’s median house price shooting up 682 per cent over two decades, from $121,500 to $950,000.

Somers’ median house price skyrocketed 574 per cent since the start of the century, from $144,000 to $970,051, and in Crib Point, 560 per cent from $90,000 to $525,000.

Other peninsula pockets to make the citywide top 20 were Rye (up 481 per cent to $702,500), Blairgowrie (464 per cent to $924,000) and Hastings (461 per cent to $505,000).

Clayton was Melbourne third best performer of the past 20 years, according to realestate.com.au, with its median house price jumping 560 per cent to $1.2m.

Other notable growth suburbs were Springvale (up 510 per cent to $762,000), Box Hill (501 per cent to $1.624m), Chadstone (475 per cent to $1.116m) and Box Hill North (473 per cent to $1.26m).

Realestate.com.au chief economist Nerida Consibee also attributed Clayton’s boom to the fact it was home to Monash University.

“The university has gone from strength to strength,” she said.

Ms Conisbee said many of the growth stars had also benefited from a ripple effect that had pushed entry-level buyers, who had been priced out of gentrified inner suburbs, further from the city centre.

This applied to western suburbs Laverton and Braybrook — both a few postcodes over from trendy Seddon and Yarraville — where the median house prices had soared 471 per cent to $542,500 and 464 per cent to $680,000 respectively.

She noted traditional blue-chip suburbs had also performed well since 2000.

Malvern led the way, with 502 per cent gains to a whopping $2.8m median, followed by Mont Albert North, up 486 per cent to $1,540,500.

“Well-maintained homes in well-located areas have always done well,” she said.

TOP 20 PRICE PERFORMERS SINCE 2000

(Suburb, median price in 2000, median price now- June 2020, percentage increase)

1.    Tyabb $121,500 to $950,000, 682%

2.    Somers $144,000 to $970,051 574%

3.    Clayton $182,000 to $1,200,500, 560%

4.    Springvale $125,000 to $762,000, 510%

5.    Malvern $465,000 to $2,800,000, 502%

6.    Box Hill $270,000 to $1,623,500, 501%

7.    Mont Albert North $263,000 to $1,540,500 486%

8.    Crib Point $90,000 to $525,000 483%

9.    Rye $121,000 to $702,500 481%

10.  Tootgarook $104,000 to $600,000 477%

11.  Bonbeach $152,750 to $880,000 476%

12.  Chadstone $194,000 to $1,116,000 475%

13.  Box Hill North $220,000 to $1,260,000 473%

14.  Laverton $95,000 to $542,500 471%

15.  Braybrook $120,500 to $680,000 464%

16.  Blairgowrie $163,750 to $924,000 464%

17.  Hastings $90,000 to $505,000 461%

18.  Doveton $83,500 to $467,500 460%

19.  Lysterfield $170,000 to $945,000 456%

20.  Ashburton $315,000 to $1,750,000 456%

 

Source: realestate.com.au

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