6 Crestfield Way, Wyndham Vale, is for sale for $515,000-$530,000.

More than 90 percent of Melbourne’s suburbs registered median home price growth in the past year, defying the state’s ongoing lockdowns.

This rose even higher in the last quarter alone, with a whopping 97 percent of the city’s suburbs seeing a rise in median price, according to the latest Hotspotting Price Predictor Index report.

Meanwhile, 153 markets continued to rebound based on sales activity over the same period.

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6 Nicholson Crescent, Meadow Heights, retails for $680,000-$720,000.

The suburb has been termed as an emerging market.

The figure is the third highest in the six years the real estate analytics firm has been running the report — beaten only by the performance of the previous two quarters of this year, when 224 and 196 markets were considered bullish.

Wyndham Vale, to the southwest, was a “standout” location with 132 sales, while Greenvale (108) and Meadow Heights (60), both in Melbourne’s north, also ran ahead.

Hotspotting.com.au founder and Australian real estate analyst Terry Ryder said the city’s suburbs had delivered “consistently solid growth” despite the tumultuous year.

“Given the circumstances, we find it surprising that Melbourne has maintained such healthy sales levels and an even more impressive performance in price growth,” said Mr Ryder in the report.

He noted that the best-performing sales areas were “at the more affordable end of the Melbourne market”.

Other “mid-markets” — such as Chadstone and Burwood — where relative affordability and value were offered also remained strong, he added.

The report aims to predict which areas are next for price increases based on sales volumes, which Mr Ryder believes is a better way to map market growth than median prices.

Reliance Manor Lakes & Wyndham Vale director Taney Jain said infrastructure investments and reasonable home prices had made the western corridor a popular choice for buyers.

“People have realized instead of living in the city, they are going more for family life with a bigger piece of land, a vegetable garden,” he said.

Mr. Jain, who is aiming for his 100th sale for the year next week, said demand had skyrocketed in the past six months, especially as buyers left the city and investors poured in from the highway.

553 Melbourne Road, Blairgowrie, sold for over $1.79 million in May.

The beach path was owned by Bondi Sands founder Blair James.

“We sold 14 properties in December alone. The demand is too great because people don’t want to lose property,” he said.

“In 2014, I sold homes for about $300,000 in this area — now some of the nicer homes have gone up to $1 million.”

The agent estimated that the local market had risen as much as 8 percent since August alone.

Warrandyte, in the city’s northeast, and Cremorne, in the southeast, were also among the top performers for price growth, with average home prices rising 33 percent over the past 12 months to $1,325 million and $1.6 million, respectively.

And the Mornington Peninsula towered ahead with Blairgowrie posting an annual price increase of 49 percent and a median of $1.375 million and McCrae rising 43 percent to $1.17 million, according to the latest report.

In all, 270 of Melbourne’s 283 suburbs registered annual price increases – including 235 places that grew by 5 percent or more.

Mike McCarthy, executive director of Barry Plant, said the Victorian market’s remarkable resilience is likely to continue into 2022.

But he expected things to cool slightly amid the “spectre of rate hikes coming next year.”

“We’ve just been through the hottest market we’ve ever seen and while those conditions have clearly eased, real estate is a long-term game,” said Mr McCarthy.

“At the moment we are moving towards a more balanced market because the growth is not sustainable. If you look at the history of the last 10-15 years, we’ve had these mini-cycles (in the market) and it says we’re probably at that point now (slowing down).

Armstrong Creek, Broadmeadows, Burwood and Clyde North also made national “supercharged” markets to watch in the report.


Armstrong Creek, Broadmeadows, Burwood, Clyde North, Cranbourne East, Greenvale, Harkness, Meadow Heights, Mernda, Moe, Thomastown

Source: Hotspotting

— with Christina Karras.

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