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Scott Carbines April 11, 2022

Units in the outer west have been among Melbourne’s top growth performers to start 2022.

Wyndham Vale’s median unit value grew 6.7 per cent to $476,361 in the first three months of the year — the largest boost of any market across the city, according to CoreLogic.

Laverton, 4.1 per cent to $484,574, and Hoppers Crossing, 3.7 per cent to $419,546, units were also among the top markets for percentage increases.

House values in Laverton and Hoppers Crossing were also among the 32 markets leading the charge this year, growing 3.7 per cent to $714,597 and 3.6 per cent to $653,043 respectively.

PropTrack economic research director Cameron Kusher said the outer west’s “affordability relative to everything else in Melbourne’ was the key driver of the area and the property type within it.

“More broadly across Melbourne, the gap between house and unit prices has never been larger,” Mr Kusher said.

“But there has been quite strong growth in the unit market and we are anticipating a reduction of that gap moving forward, with interest rates likely to increase and people becoming more price sensitive.”

Developers adding more unit stock to new estates would also be boosting the median price.

CoreLogic head of research Eliza Owen said pockets of regional Victoria were experiencing “thriving market conditions”, with Shepparton region town Tongala’s median house price up 15.1 per cent over the quarter — the state’s largest increase — to $362,064.

“Suburbs of the North West, Warrnambool and South West and Hume regions also dominate the top of the league table,” she said.

“The surge in more affordable, regional parts of the state could reflect a spillover of demand from homebuyers that have been priced out of larger regional centres or city locations.”

Mornington Peninsula suburbs continue to dominate, the data shows, while unit markets close to the CBD in East Melbourne and West Melbourne reflected a return of inner city appeal.

TOP 20 MELBOURNE MARKETS TO START 2022

Suburb, property type, 3-month change, 12-month change, 24-month change, median value

Wyndham Vale, Units, 6.7%, 7.7%, 10.1%, $476,361

West Melbourne, Units, 6.5%, 9.3%, 6.1%, $519,816

East Melbourne, Units, 6.2%, 15.9%, 25.0%, $766,351

Fingal, Houses, 6.2%, 29.0%, 60.0%, $1,844,728

Tootgarook, Houses, 5.6%, 30.3%, 49.5%, $1,160,863

St Andrews Beach, Houses, 5.5%, 37.6%, 72.8%, $1,628,704

Dromana, Houses, 5.1%, 31.1%, 50.0%, $1,149,228

Parkville, Units, 5.1%, 7.6%, 11.2%, $570,042

Sorrento, Houses, 4.9%, 30.2%, 49.6%, $2,380,472

Tyabb, Houses, 4.8%, 25.9%, 33.1%, $922,616

Portsea, Houses, 4.7%, 29.5%, 46.7%, $3,487,723

Rye, Units, 4.6%, 26.8%, 36.6%, $727,939

Rosebud West, Units, 4.6%, 20.7%, 28.6,%, $666,511

Kensington, Units, 4.5%, 12.5%, 25.0%, $605,099

Sunshine North, Units, 4.5%, 8.2% 6.6%, $600,426

Carlton, Units, 4.4%, 18.1%, 18.9%, $402,036

Hastings, Houses, 4.3%, 19.3%, 31.2%, $718,076

Rye, Houses, 4.3%, 27.6%, 52.6%, $1,275,908

Blairgowrie, Houses, 4.3%, 26.1%, 49.2%, $1,624,296

Gowanbrae, Houses, 4.2%, 19.3%, 19.0%, $1,017,670

Source: CoreLogic, to end of March 2022

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