Despite broader market challenges, suburbs in Melbourne's north-east, particularly in the Banyule and Darebin LGAs, have recorded some of the highest property price increases over the past 12 months. Alphington, Ivanhoe, Rosanna, Watsonia and Montmorency have outperformed other areas, reflecting growing demand for the area's attractive lifestyle, infrastructure and proximity to the city.
- Alphington: Close to the city (7kms) and known for its parklands and riverside living, experienced a 13.5% increase.
- Watsonia: saw a 12.7% rise - reflecting the highly desirable area for families looking for a more relaxed pace of life while staying connected to Melbourne.
- Ivanhoe: Well known for its prestigious schools, boutique shopping villages and community feel recorded an 11.4% rise.
- Rosanna: Benefitting from local development and transport links, Rosanna grew by 9.7%.
- Montmorency: This leafy suburb saw a 7.7% rise, with its village atmosphere and green spaces drawing in families.
Here's a table showcasing these suburbs 12 month growth:
Suburb | Median House Price | Annual Change |
Alphington | $1,702,500 | 13.5% |
Watsonia | $941,000 | 12.7% |
Ivanhoe | $1,560,000 | 11.4% |
Rosanna | $1,310,500 | 9.7% |
Montmorency | $1,120,000 | 7.7% |
Median data is for the 12 months to the end of September. Suburbs with fewer than 50 sales were excluded.
These results show the strong demand and market resilience in the north-eastern suburbs, with buyers seeking family-friendly locations with excellent amenities and green spaces, despite the overall cooling of the broader Melbourne property market.
Please get in touch if you are curious to see where your property sits in the local market.
Source: Domain House Price Report, September 2024
https://www.theage.com.au/prop...
