Since the pandemic hit us, despite economic shifts and lockdowns, many Australians did not give up on their search for their dream house. In this post, we explore Victorian house prices and the suburbs that saw the most growth in 2021.
Victorian House Prices
Unsurprisingly, house prices have increased by more than 50% in the suburbs this year. The strongest demand by house buyers included detaching housing with its values rising up to 24.6%. Additionally, buyers looked for affordable neighborhoods as well as spots that provided a prestigious lifestyle.
The growth in property prices could be owed to the reducing interest rates, savings racked up during the lockdown, and a need for more home space for families quarantining together. According to CoreLogic home sales achieved one of their highest volumes in 18 years. This totaled to approximately $614,635 sales across the year. Here listed are a few of the suburbs that experienced the highest growth in Victoria:
There were also some demographic shifts too – 40% of Melbournians were born overseas and many of them moved around (some went back to their families). In the recent 2 years, migrants and international students stopped coming as well, and people started moving away from congested CBDs in favor of smaller towns and larger backyards.
St. Andrews Beach
Coming in at the top of the highest growth in house values would be St. Andrews Beach on Victoria’s Mornington Peninsula. The growth for St. Andrews Beach totaled up to 58.6% to an average of $1.5 million as of November 2021. St. Andrews saw a median value per house rise to $1.6 million.
A small coastal town with a population of only 889, this sleepy town saw an incredible surge in buyers. Perhaps, many of them wanted to escape the compact city to spend the lockdowns amongst more serene settings.
Fingal, Mornington Peninsula
Taking the second position is Fingal. Another sleepy coastal town on the Mornington Peninsula. Fungal witnessed a whopping 47.1% annual change. With a median value of property going for $1.7 million it comes in at sixth position on Corelogics Best of the Best report and it’s the only other suburb from Victoria within the top ten of the list.
A rural town situated between the suburbs of Rye and St. Andrews, Fingal houses a variety of family-friendly spots such as the Peninsula Hot springs, Moonah links Golf courses, and a number of beautiful beaches.
Mount Beauty
Mount Beauty takes the third spot in the suburbs with the most growth rate during 2021. Coming in at number nine on Corelogic’s Top ten regional housing market list, Mount Beauty saw an annual change of 50.1%. With a median value of $521,494 per home it easily classifies as one of the most popular suburbs in Victoria.
A small town located in Victoria’s high country, Mount Beauty lies alongside the Kiewa River. With beautiful sceneries and a number of activities, Mount Beauty is ideal for families, couples, and individuals looking to escape the city.
