PropTrack: See what your suburb will be worth in 2030 – some Melbourne areas set for massive six-figure growth
Family-friendly Melbourne suburbs are projected to lead the city's charge for home price growth, with six-figure bonuses tipped for house values over the next five years.
Dozens of areas including Lower Plenty, Diamond Creek, Beaconsfield, Romsey and Mentone are set to outperform blue-chip areas like Toorak within the time frame, based on PropTrack estimates.
Realestate.com.au's research arm has calculated the typical home value for each Victorian suburb and town in 2030, if growth follows the same patterns it has within the past half-decade.
The data shows Toorak's $4.71m median house price is set to increase by $220,000.
But it would be eclipsed by gains of more than $350,000 in medians from Aberfeldie to Hurstbridge.
The city's million-dollar club is also expected to swell with more than 50 new suburbs including Taylors Hill, Berwick, Heidelberg Heights, Altona North and Reservoir to be added.
Melbourne-based buyers' advocate Emily Wallace said the family-friendly suburbs' growth forecast would reflect a domino effect of people wanting more land moving further from the city.
'I don't necessarily mean first-home buyers, but family home buyers who are happy to go to the suburbs to get the yard for the kids,' Ms Wallace said.
She said school zones, crime rates and safety were top of mind for many home seekers.
'There's also a fair amount of people not wanting the areas of the activity growth zones where development could potentially ruin the look and feel of a suburb,' Ms Wallace said.
Since last year, the Victorian government has identified more than 60 areas for mid- and high-rise development, many close to train and tram zones, to address the need for more housing with Melbourne's population predicted to hit 6.2 million by 2030-31.
Real Estate Institute of Victoria president Jacob Caine said the activity centre plans could make areas like Brighton accessible for buyers who would otherwise be locked out of these markets.
'You can bet that young people out there that have been really struggling to get a foot on the property ladder would absolutely jump at the opportunity to have a little piece of paradise, whether that's in Brighton or Camberwell or Footscray or wherever they would like to live,' Mr Caine said.
According to PropTrack, Melbourne's future high-performing suburbs include Lower Plenty where the $1.578m median house value is expected to increase by $887,000 to hit $2.465m.
Diamond Creek's $1.1m median is slated to stack $513,000 on to reach $1.613m.
Ray White Eltham and Diamond Creek director Shane Leete pointed to a 2019 list of Melbourne's family-friendly suburbs put together by home loan platform Lendi that was topped by Diamond Creek, based on factors including the number of schools, open spaces and crime data.
Mr Leete said the suburb experienced massive growth during 2020 to 2022's pandemic lockdowns and then slowed.
But February's rate cut and last week's election have boosted confidence in the market.
'But over … the next two to three years prices will be back up to where they were in 2022,' Mr Leete added.
Overall, Greater Melbourne's current $855,000 median house price is forecast to hit $1.001m by 2030, lower than Brisbane's $1.54m and Adelaide's $1.474m.
PropTrack's economics executive manager Angus Moore said Victoria's capital had not experienced as much growth as Australia's other states within the past five years.
'Part of the story is the fact Melbourne does just build a lot more homes than other parts of the country, particularly out in Melbourne's west,' Mr Moore said.
'The fact that there is more supply has helped to keep housing more affordable.'
PropTrack's research, which projected growth based on trends over the past five years, also hinted there could be prices rises along the Mornington Peninsula — however this could have been skewed by the unprecedented boom during the Covid pandemic.
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