In 2021, we experienced a once-in-a-generation real estate boom that led to nearly 400 suburbs joining the million-dollar club.

In other words, their median price was over $1 million

Based on CoreLogic data published in the Australian there were 67 Victorian suburbs where the median home value has risen above $1 million this year.

While Melbourne’s median property values ​​are up 16.3% in the past year, as you can see in the table below, property values ​​in some of the best performing suburbs have increased by more than 30, 40 and even 50%.

A number of these were around Geelong and the Surf Coast region.

In the Melbourne sub-regions, the Mornington Peninsula stands out as the strongest market by any margin, with home values ​​up 30.2% over the past year, the second highest annual growth rate being recorded in the Outer East, where values ​​rose 19.2% .

Melb01

Here are the suburbs of Greater Melbourne that have joined the million dollar club.

Mornington Peninsula St Andrews Beach $1,470,912 $928,601 58.4% February-21
Mornington Peninsula Rye $1,194,989 $838,057 42.6% 21st of May
Mornington Peninsula Tootga smoke $1,057,968 $758,898 39.4% Sep 21
Mornington Peninsula Dromana $1,022,329 $752,452 35.9% Nov-21
Mornington Peninsula McCrae $1,046,228 $791,590 32.2%
Mornington Peninsula Frankston South $1,110,739 $873,608 27.1% Jun-21
Mornington Peninsula safety beach $1,161,840 $914,694 27.0% 21st of May
Melbourne – Inner South Patterson Lakes $1,084,602 $862,953 25.7%
Melbourne – Northeast view bank $1,240,095 $991,029 25.1% February-21
Mornington Peninsula mornington $1,078,528 $865.077 24.7%
Melbourne – Outer East Croydon Hills $1,175,382 $942.993 24.6%
Melbourne – Inner South Cheltenham $1,108,529 $892,151 24.3% 21st of May
Melbourne – Northeast Yallambie $1,105,210 $890.161 24.2%
Melbourne – Inner South Heatherton $1,106,631 $893,342 23.9% 21st of May
Melbourne – Outer East Donvale $1,223,912 $990.882 23.5%
Melbourne – Inner South Parkdale $1,229,573 $995.498 23.5%
Melbourne – Inner South highett $1,059,461 $861,022 23.0% Aug-21
Melbourne – Southeast Mulgrave $1,065,323 $866,386 23.0% 21 July
Melbourne – Northeast Wattle Glen $1,152,981 $938,294 22.9%
Melbourne – Inner South Chelsea Heights $1,019,763 $830,018 22.9% Sep 21
Melbourne – Outer East Wantirna $1,124,184 $915,363 22.8% 21st of May
Melbourne – Outer East Rowville $1,067,646 $869,589 22.8% 21 July
Melbourne – Outer East Scoresby $1,031,251 $846,868 21.8%
Melbourne – Outer East Wantirna South $1,188,105 $981,158 21.1% 21 March
Mornington Peninsula Sandhurst $1,003,746 $829,060 21.1% Nov-21
Melbourne – Southeast Emerald $1,035,456 $855.456 21.0%
Melbourne – Northeast Saint Helena $1,188,327 $985,750 20.6% 21 March
Melbourne – Inner South Edithvale $1,062,865 $884,742 20.1%
Melbourne – Outer East Ferny Creek $1,143,415 $955.440 19.7%
Melbourne – Outer East forest hill $1,160,732 $970.318 19.6% 21 March
Melbourne – Outer East Knoxfield $1,007,014 $842,700 19.5% Nov-21
Melbourne – Northeast Diamond Creek $1,047,589 $876,720 19.5% Sep 21
Melbourne – Outer East Nunawading $1,150,014 $963,461 19.4% 21 March
Melbourne – Outer East Mount Dandenong $1,058,470 $887,759 19.2% 21 July
Melbourne – Outer East Croydon North $1,061,523 $892,260 19.0%
Melbourne – Outer East Kalorama $1,031,013 $867,759 18.8%
Melbourne – West Seddon $1,143,052 $963,315 18.7% February-21
Melbourne – Outer East mitcham $1,074,269 $906.002 18.6% 21st of May
Melbourne – Northwest Macedonia $1,107,650 $935,628 18.4% February-21
Melbourne – Outer East Heathmont $1,074,836 $910,383 18.1% 21st of May
Melbourne – Outer East Olinda $1,103,920 $938,050 17.7% 21st of May
Melbourne – Southeast Huntingdale $1,124,355 $959,002 17.2%
Melbourne – West Newport $1,077,239 $922.271 16.8% February-21
Melbourne – Southeast Dingley Village $1,067,675 $914,576 16.7% Jun-21
Melbourne – Inner East Mount Albert $1,153,608 $988,733 16.7%
Melbourne – Inner East Doncaster $1,036,008 $889,000 16.5%
Melbourne – Northwest Coburg North $1,008,962 $867,786 16.3% Nov-21
Melbourne – Downtown Coburg $1,153,458 $994,782 16.0% February-21
Melbourne – Southeast Oakleigh South $1,075,345 $931,778 15.4% Apr-21
Melbourne – West Yarraville $1,072,174 $929,372 15.4%
Melbourne – Southeast Chadstone $1,024,557 $889,847 15.1% Jun-21
Melbourne – Northwest Avondale Heights $1,007.647 $877.987 14.8% Nov-21
Melbourne – Northwest Niddrie $1,118,035 $976,389 14.5%
Melbourne – Outer East Belgrave South $1,072,086 $940.614 14.0% 21st of May
Melbourne – Downtown Port Melbourne $1,092,838 $967,476 13.0% Dec-20
Melbourne – Northwest Keilor $1,006,920 $896,558 12.3% Nov-21
Melbourne – West Spotswood $1,074,168 $974,424 10.2%

Source: CoreLogic

Here are the regional Victorian suburbs that joined the million dollar club.

ballarat Trentham $1,015,465 $814,601 24.7%
ballarat Smythes Creek $1,017,593 $884,733 15.0%
Geelong Ocean Grove $1,122,099 $831,094 35.0% Jun-21
Geelong Torquay $1,285,404 $962,946 33.5%
Geelong queenscliff $1,194,021 $941,318 26.8% Jun-21
Geelong New city $1,140,413 $919,716 24.0% 21st of May
Geelong Wandana Heights $1,005.624 $813,222 23.7% Nov-21
Geelong Fyansford $1,062,229 $889.150 19.5% Aug-21
Latrobe – Gippsland Nyora $1,123,242 $874,478 28.4%
Warrnambool and Southwest Marengo $1,089,208 $812,883 34.0%

Source: CoreLogic

ALSO READ: The best suburbs to invest in Melbourne in 2022

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About Kate Forbes

Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets on two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
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