The Melbourne suburbs where house prices doubled in 10 years
They say property doubles in value every decade, but Mont Albert homeowners Ken and Denise Cooper are set to watch their home at least triple at auction next month.
Across Melbourne, 115 suburbs have held to the double-up theory in the past decade, while median prices in St Kilda West and Mont Albert have more than tripled, Domain Group data shows.
In 2005, the median price of a house in the small leafy pocket of Mont Albert was $561,500. Fast forward to 2015 and buyers were forking out for houses, with a June median price of $1.7 million – a 203 per cent increase in 10 years.
In the tiny suburb of St Kilda West, house prices have increased 222 per cent in the same time, the highest growth in Melbourne.
Cayzer Real Estate director Michael Szulc put the skyrocketing price down to the movement of buyers from surrounding suburbs.
“The block sizes are particularly large in St Kilda West, so they are attractive to buyers looking for family homes who have been outpriced in Middle Park and Albert Park,” Szulc said.
But it’s not just prestige postcodes and their bridesmaid suburbs that have doubled. Areas once regarded as an after thought to the inner east have made huge strides.
In the west, Seddon, Maidstone, Kingsville, Footscray and West Footscray all more than doubled on 2005 prices, while Laverton scraped into the list by exactly doubling its median price.
Hocking Stuart director Joanne Royston said the large blocks of land in Laverton, held by many families for decades, had been pulling exceptional figures in the past few years.
“Five years ago you would never have done an auction in Laverton, everything was private sale,” Royston said. “But the past three to four years, everything has changed – you wouldn’t think to put a house on as a private sale now, there’s so much competition.”