The Melbourne suburbs where house prices are rising fastest
Melbourne's median house price rose 1.6 per cent to almost $1,064,000 in the 12 months to June, the latest Domain House Price Report this week showed.
Domain chief of research and economics Dr Nicola Powell said the quarterly growth rate of 2.3 per cent appeared to show Melbourne's property market was exiting its years-long slump.
'Largely, what we've got is a turn-around in market conditions across Melbourne,' she said. 'It's the sharpest lift in 3½ years for house prices and the sharpest in two years for unit prices.'
House prices rose the most in Aberfeldie, up 21.6 per cent in the year to June to a median of $1,946,000. It was followed by Fairfield, up 18.8 per cent to $1.63 million, and Heidelberg, up 14.3 per cent to $1,308,000.
Unit prices rose the most in Moorabbin, climbing 25.9 per cent over the same period to a median of $750,000. Next was Caulfield South, up 25.3 per cent to $799,000, and Fairfield, up 20.1 per cent to $587,000.
Powell said the large movement in house prices in some suburbs appeared to be driven by families looking to upgrade to a larger home before forecast Reserve Bank rate cuts prompt more growth.
'Melbourne has underperformed in relation to other capital cities … and families are looking to take advantage of that value before prices rise further,' she said. 'The top performer for house prices, Aberfeldie, is really up there. Riverside location, period homes … it's prime for families.
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