Melbourne: 90+ suburbs where house, unit prices have declined
In 80 areas, mostly across the city's inner ring, typical values for units including apartments have decreased since 2020, creating opportune conditions for bargain-hunting buyers.
Analysis of data from realestate.com.au's research arm, PropTrack, shows median house prices in 16 suburbs – also mostly among inner suburbs – have declined.
But on the flip side, houses in more than 40 areas predominantly in the leafy north east and south east have gone from doom to boom since the pandemic.
Median prices in areas such as Lower Plenty, Lysterfield and Diamond Creek have all since surged past $1m, adding hundreds of thousands of dollars to their owners' hip pockets along the way.
PropTrack senior economist Angus Moore said that Melbourne's units had not experienced strong growth compared to other Australian states.
In a sign that now might be an ideal time to buy, he added that conditions in Victoria's capital were looking firmer this year than they have in a while.
'This is a real change from the past few years, since the RBA started raising rates, where home prices were tracking sideways or falling,' Mr Moore said.
Prominent Melbourne-based buyers' advocate Frank Valentic said Victoria was still experiencing the pandemic ripple effect of people wanting larger blocks and homes with space to work remotely.
And with many middle-to-outer suburbs in the north east and south east being relatively affordable, first-home buyers have been pushing up prices and competition.
'We will continue to see many middle 'doom suburbs' go to boom suburbs,' Mr Valentic said.
When it comes to units and apartments, there's an oversupply of them compared to detached houses in many areas, he added.
Mr Valentic said while buying a bargain in these suburbs was possible, it was important for purchasers to steer clear of cheap 'lemon' properties.
In Malvern, where unit and apartment typical values now sit at $650,000 compared to $813,500 five years ago, Belle Property Armadale principal Walter Summons said the market was seeing signs of recovery.
Values became 'very hot' in 2020 to 2021 before multiple interest rate rises prompted an exodus of investors who have since been replaced by first-home buyers.
'We've certainly seen, in the last couple of months, some improvement with the lower interest rate environment,' Mr Summons said
'So prices may well increase over the next few months.'
In Melbourne's east, Blackburn units were among the top performers, with its median soaring from $570,000 in 2020 to $765,000 today – equating to a $195,000 increase.
Woodards' Blackburn partner Rachel Waters said many younger buyers who had grown up in the area with a 'gorgeous village feel' wanted to remain local.
'We're often selling these units and apartments to people who have mum and dad around the corner,' she said.
But the main reason Blackburn's unit market has stayed strong was a shortage of opportunities to secure low-maintenance properties on a budget, she noted.
'So anything that's between $500,000 and $800,000 still stays quite consistent in terms of the results,' Ms Waters said.
When it comes to the Melbourne suburbs where typical house values increased the most, Jellis Craig Eltham's Justin Booth said areas like Diamond Creek and Lower Plenty offered good access to the city for buyers seeking bigger blocks.
'You can have a backyard space for kids to run around, you've got space for the dog – you're not on the back door of your neighbour and jammed in or anything like that,' Mr Booth said.
'The traditional Aussie backyard is still available in Diamond Creek.'
The PropTrack data excludes areas with less than 20 sales in the past 12 months, as well as the Mornington Peninsula which had a massive buyer influx when Covid hit only for holiday home markets to be impacted by a limited time tax increase on secondary homes last year.
How to get a bargain in an underperforming suburb:
+ Aim to buy a property that has good resale and growth fundamentals.
+ Small, older-style boutique apartment and unit blocks are often a good option.
+ Off-street parking is a plus.
+ An outdoor area such as a courtyard is a good feature to have.
+ Try to find a home that's a decent size – not too small.
+ Buy in an area considered 'blue chip' with good amenities.
+ Remember the adage 'land appreciates, buildings depreciate'.
Source: Buyers' advocate Frank Valentic, Advantage Property Consulting.
MELBOURNE: BEST-PERFORMING SUBURBS IN THE PAST FIVE YEARS
SUBURB: 2020 MEDIAN / 2025 MEDIAN / CHANGE
Lower Plenty: $950,000 / $1.586m / 66.9%
Gembrook: $650,000 / $1.0498m / 61.5%
Kinglake: $606,500 / $930,600 / 53.4%
Research: $1.0825m / $1.6m / 47.8%
Longwarry: $407,000 / $592,800 / 45.7%
Lysterfield: $951,400 / $1,361,444 / 43.1%
Beaconsfield Upper: $1.040m / $1.48m / 42.3%
Diamond Creek: $760,000 / $1.076m / 41.6%
Wandin North: $672,569 / $951,125 / 41.4%
Millgrove: $432,500 / $605,000 / 39.9%
UNITS:
Hampton East: $687,500 / $975,000 / 41.8%
Doveton: $386,500 / $535,000 / 38.4%
Hampton Park: $410,000 / $560,000 / 36.6%
Blackburn: $570,000 / $765,500 / 34.3%
Beaumaris: $895,000 / $1.175m / 31.3%
Sunshine West: $450,000/ $590,000 / 31.1%
Ivanhoe East: $710,000/ $930,000 / 31%
Mont Albert North: $888,000 / $1,156,944 / 31%
Watsonia: $582,500 / $752,500 / 30.3%
Narre Warren: $437,000 / $564,000 / 29.2%
MELBOURNE: WORST-PERFORMING SUBURBS IN THE PAST FIVE YEARS
Cranbourne South: $1.015m / $790,000 / -22.2%
Balaclava: $1.46m / $1.3025m / -10.8%
Parkville: $1,968m / $1.82m / -7.5%
Kensington: $1.0815m / $1.018m / -5.9%
Armadale: $2.6m / $2.45m / -5.8%
Windsor: $1.39m / $1.315m / -5.4%
Elsternwick: $1.925m / $1.826m / -5.1%
Cremorne: $1.29m / $1.25m / -3.1%
South Melbourne: $1.423m/ $1.38m / -3%
Middle Park: $2.63m / $2.55m / -3%
UNITS:
Aberfeldie: $980,000 / $548,500 / -44%
Kingsbury: $530,550 / $395,000 / -25.5%
Toorak: $1.005m / $780,000 / -22.4%
Albion: $360,000 / $281,000 / -21.9%
St Kilda West: $659,000 / $524,500 / -20.4%
Malvern: $813,500 / $650,000 / -20.1%
Balwyn: $994,000 / $800,000 / -19.5%
Blackburn South: $965,000 / $779,500 / -19.2%
Kingsville: $499,000 / $410,000 / -17.8%
Forest Hill: $777,500 / $661,250 / -15%
Source: PropTrack Market Trends Suburbs July 2025.
Excludes the Mornington Peninsula and areas with fewer than 20 sales in the past 12 months.
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