Despite a somewhat rocky year and half for Melbourne’s property market, the last few months have seen a definite shift in momentum. During April to June 2023, many suburbs across the city have seen elite sales results, causing an increase in median pricing across both the housing and unit markets.
The Real Estate Institute of Victoria (REIV) recently released data on some of these red hot suburbs. Here are a select few you need to keep an eye on if you’re looking to buy a home for yourself, or desire to get into the investment game.
Defined by its family friendly vibe, beautiful leafy splendour, and an array of picturesque streetscapes littered with striking period treasures and stylish modern residences, Blackburn has fast become one of the shining jewels in the eastern suburbs crown. Median house prices in Blackburn grew 9.4% in the last quarter, and it’s easy to see why. Whether its spending weekends down at the vast expanses of the picturesque Blackburn Lake Sanctuary, or grabbing a morning latte at one of the many cafes at Blackburn Station Village and Laburnum Village, this relaxed suburb has quickly become a family favourite.
With easy access to the CBD via the Eastern Freeway, and with some pockets of the suburb offering stunning vistas thanks to its naturally hilly geography, Doncaster has long been a destination for families and continues to go from strength to strength. House prices were up a staggering 11.5% in the last quarter, reaching a median price of $1,595,000 by the end of June. Westfield Doncaster Shopping Centre is one of the most popular retail outlets in the city, while East Doncaster Secondary College has become one of Melbourne’s most sought-after public high schools in the east.
With median house pricing rising 8.9% in the last quarter, the inner city gem of Moonee Ponds is definitely a suburb to consider. While it’s close proximity to Melbourne’s bustling CBD is a definite advantage, Moonee Ponds will impress keen inner city dwellers with its charming parklands which includes Queens Park and Ormond Park, the vibrant Moonee Ponds Shopping Centre with a diverse range of eateries and supermarkets plus a Kmart, and the iconic Moonee Valley Racecourse which hosts the Cox Plate in October every year.
The Bentleigh unit market was a shining star over the quarter from April to the end of June, with median unit prices rising from $745,000 to $1,060,000. Bentleigh has forever been one of Melbourne most coveted suburbs to inhabit and invest in thanks to its exclusive schools, brilliant cafes, convenient shopping on the energetic Centre Road strip, and excellent public transport options. It also offers a great mix of modern and period dwellings, as well as its share of family homes and townhouse plus more affordable apartment options.
Another standout for both owner-occupiers and investors looking for units with sensational capital growth, Hawthorn East shattered expectations in the last quarter with median unit growth of 14.2%. Positioned right on the cusp of Camberwell Junction and also located so close to exceptional dining and shopping options on Burwood Road and Glenferrie Road, this inner-east pocket is the ultimate blend of entry level boutique apartments both new and old, and expansive family residences. The scenic Fritsch Holzer Park is a sizeable slice of greenery which is centrally positioned, while trams, buses, and train options makes getting around a breeze!
Owning one of Melbourne’s most exclusive school zones, Mount Waverley has risen in popularity over the last decade especially for families, and was a stellar unit performer last quarter with a median unit price rise of 23.1%. The Mount Waverley Secondary College school zone is one of the most desirable high schools in Melbourne, while peaceful streets littered with an array of family residences, plenty of small and larger shopping villages including Mount Waverley Shopping Centre, plus reserves and playgrounds means all your bases are covered. Huntingtower School and Avila College are other excellent schools located in the suburb.