Mornington Peninsula enclaves have reeled in some of Melbourne’s largest house price gains of the past 20 years.
Coast and country suburbs Tyabb, Somers, Rye and Tootgarook dominated Greater Melbourne’s top performing price growth suburbs since 2000.
Realestate.com.au data shows Tyabb topped the list, with the suburb’s median house price shooting up 682 per cent over two decades, from $121,500 to $950,000.
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Katherine Rossetti and her son Dominic at their Rye beach house for sale at 121 Golf Parade. Picture: Nicole Cleary
93 Jones Road, Tyabb sold for a massive $2.8m this year.
Somers’ median house price skyrocketed 574 per cent since the start of the century, from $144,000 to $970,051, and in Crib Point, 560 per cent from $90,000 to $525,000.
Other peninsula pockets to make the citywide top 20 were Rye (up 481 per cent to $702,500), Blairgowrie (464 per cent to $924,000) and Hastings (461 per cent to $505,000).
SEE MELBOURNE’S TOP 100 SUBURBS FOR 20-YEAR HOUSE PRICE GROWTH
Belle Property Blairgorwie agent Mal McInnes said the former “sleepy hollows” had sparked more buyer demand than the likes of blue-chip Sorrento and Portsea because they were far more affordable.
1 Henty Grove, Somers sold for $1.2m.
1/148 Disney Street, Crib Point sold for $442,000
“We get excited about the prices we achieve, but buyers from Melbourne still perceive it to be quite cheap given how much values are up in the city,” Mr McInnes said.
“These areas have gone from being sleepy hollows to quite cosmopolitan seaside suburbs … and there’s a trend for more people to reside down here permanently.”
Katherine Rossetti’s family bought its first Rye house for $350,000 in 2010 — a price she said “doesn’t exist” in the suburb anymore.
121 Golf Parade, Rye is for sale.
Inside the impressive beach house.
Her second property in postcode 3941, at 121 Golf Parade, is for sale with a $1.05-$1.15m price guide via Belle Property Blairgowrie.
“Rye has always been gloriously daggy, family oriented and not pretentious,” Ms Rossetti said.
“But it has changed a lot, with more architectural homes and renovations being done to old beach shacks.”
The Rosetti family beach house boasts impressive views to the city, a wide open living domain and modern appliances in the kitchen.
Views across the Mornington Peninsula.
A modern kitchen is part of the package.
Clayton was Melbourne third best performer of the past 20 years, according to realestate.com.au, with its median house price jumping 560 per cent to $1.2m.
Other notable growth suburbs were Springvale (up 510 per cent to $762,000), Box Hill (501 per cent to $1.624m), Chadstone (475 per cent to $1.116m) and Box Hill North (473 per cent to $1.26m).
Realestate.com.au chief economist Nerida Consibee also attributed Clayton’s boom to the fact it was home to Monash University.
59 Harlington Street, Clayton sold for $980,000.
1 Alexander Street, Box Hill sold for $1.459m.
“The university has gone from strength to strength,” she said.
Ms Conisbee said many of the growth stars had also benefited from a ripple effect that had pushed entry-level buyers, who had been priced out of gentrified inner suburbs, further from the city centre.
This applied to western suburbs Laverton and Braybrook — both a few postcodes over from trendy Seddon and Yarraville — where the median house prices had soared 471 per cent to $542,500 and 464 per cent to $680,000 respectively.
30 Lee Avenue, Springvale sold for $805,000.
21 Jackson Avenue, Mont Albert North sold for $1.84m
She noted traditional blue-chip suburbs had also performed well since 2000.
Malvern led the way, with 502 per cent gains to a whopping $2.8m median, followed by Mont Albert North, up 486 per cent to $1,540,500.
“Well-maintained homes in well-located areas have always done well,” she said.
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TOP 20 PRICE PERFORMERS SINCE 2000
(Suburb, median price in 2000, median price now- June 2020, percentage increase)
1. Tyabb $121,500 to $950,000, 682%
2. Somers $144,000 to $970,051 574%
3. Clayton $182,000 to $1,200,500, 560%
4. Springvale $125,000 to $762,000, 510%
5. Malvern $465,000 to $2,800,000, 502%
6. Box Hill $270,000 to $1,623,500, 501%
7. Mont Albert North $263,000 to $1,540,500 486%
8. Crib Point $90,000 to $525,000 483%
9. Rye $121,000 to $702,500 481%
10. Tootgarook $104,000 to $600,000 477%
11. Bonbeach $152,750 to $880,000 476%
12. Chadstone $194,000 to $1,116,000 475%
13. Box Hill North $220,000 to $1,260,000 473%
14. Laverton $95,000 to $542,500 471%
15. Braybrook $120,500 to $680,000 464%
16. Blairgowrie $163,750 to $924,000 464%
17. Hastings $90,000 to $505,000 461%
18. Doveton $83,500 to $467,500 460%
19. Lysterfield $170,000 to $945,000 456%
20. Ashburton $315,000 to $1,750,000 456%
Source: realestate.com.au
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