Melbourne suburbs where properties gain $1000 a day
9 Streeton Court is among properties in Mont Albert scoring a dramatic daily increase.
House prices are gaining more than $1000 a day in popular Melbourne suburbs as demand surges.
Mont Albert’s median house price gained $1815 each day last year to reach $2.33m, while beachside hub Portsea’s grew $1808 daily to $2.61m in December 2020, according to Real Estate Institute of Victoria data.
Kangaroo Ground, Aberfeldie, Sorrento and Tyabb medians also rose more than $1000 a day.
RELATED:Victoria’s third lockdown to stop in-person auctions this weekend
Murrumbeena house tops reserve by $500K amid McKinnon Secondary College zone speculation
Melbourne home values, 2021: Property recovery continues as buyers play ‘catch up’
Fletchers Manningham director Tim Heavyside said Mont Albert had experienced a “steady rise” in pricing and demand since lockdown measures eased last year.
“It’s a very small suburb so there aren’t always lot of opportunities as a buyer, there’s hardly anything on the market at the moment,” Mr Heavyside said.
“But we are seeing a lot more activity out at auctions and inspections compared to late last year.”
11 Beatty Street, Mont Albert, sold for an impressive $1.65m after lockdown.
Pricing in hot spots along the Mornington Peninsula are also surging.
He predicted the “safe investment” suburb would “continue to rise” in the coming months.
“It’s got a really desirable location near Box Hill and so close to Surrey Hills, you have access to trams and some of Melbourne’s most elite private schools,” he added.
REIV president Leah Calnan said the data reflected the intense post-lockdown demand that was driving pricing increases.
“With suburbs like Mont Albert that do have less stock, the increase is more noticeable with less transactions, so you are going to see a higher daily increase,” Ms Calnan said.
She said the dramatic jumps in prices were “not surprising” but “a little bit unusual” and suggested the March quarter would bring a similar increase.
REIV President Leah Calnan.
Luxury properties like 3507-3513 Point Nepean Road with price guides over $10m are raising Sorrento’s median.
“Really what we have seen lately is an extension of the spring campaign following the rise we already saw in December,” Ms Calnan added.
She said the suburbs also showed buyers’ interest in lifestyle locations, with four out of the top ten for daily dollar-value growth for houses on the Mornington Peninsula.
Buxton Sandringham’s Peter Hickey said Black Rock was another “destination suburb” that had a “low turnover of stock” but high demand.
“Once people buy in Black Rock they rarely leave,” Mr Hickey said.
The agent is set to list Constantine and Angela Tripodis’ luxury home at 9 Bayview Crescent later this month.
22 Central Avenue, Black Rock, is one of few properties currently up for grabs in the suburb.
4 St Andrews Court, Black Rock, scored a $2.9m sale last year.
Mr Tripodis – owner of construction and project management company Aricon – said he had completed about 12 projects in the Black Rock area and was now selling his family home to downsize.
The pair can expect to land a premium sale price with the suburb recording a $966 rise per day.
“I’ve always kept my eggs in one basket with building in the Black Rock area and been really confident in its pricing,” Mr Tripodis said.
Albert Park was the top performer for unit values, recording an increase of $890 per day, followed by Vermont South and Albion, jumping $827 and $688 per day respectively.
The daily dollar increase was calculated by the REIV based on the change in annual median house prices from December 2019 to December 2020.
80 Menzies Road, Kangaroo Ground, sold for $1.76m in December 2020.
READ MORE: Cover star: Hawthorn history revived at charming Victorian
Buyers seeking locally sourced materials as sustainability demand grows
Simone Callahan selling Brighton home from Instagram videos
Top 10 growth suburbs in daily dollar gains (metro houses)
MONT ALBERT
Median price: $2.33m (Dec 2020)
Daily dollar increase in 2020: $1815
PORTSEA
Median: $2.61m
Daily dollar increase: $1808
KANGAROO GROUND
Median: $1.76m
Daily dollar increase: $1263
ABERFELDIE
Median: $1.805m
Daily dollar increase: $1151
SORRENTO
Median: $1.9m
Daily dollar increase: $1096
TYABB
Median: $1.1m
Daily dollar increase: $1082
BLACK ROCK
Median: $2.17m
Daily dollar increase: $966
LOWER PLENTY
Median: $1.32m
Daily dollar increase: $948
FLINDERS
Median: $2.02m
Daily dollar increase: $894
BRUNSWICK EAST
Median: $1.479m
More from news
Daily dollar increase: $871
To
p 10 growth suburbs in daily dollar gains (metro units)
ALBERT PARK
Median: $1.36m (December 2020)
Daily dollar increase in 2020: $890
VERMONT SOUTH
Median: $951,000
Daily dollar increase: $827
ALBION
Median: $530,000
Daily dollar increase: $688
OAKLEIGH
Median: $825,500
Daily dollar increase: $636
IVANHOE EAST
Median: $850,000
Daily dollar increase: $633
CAULFIELD SOUTH
Median: $1.0155m
Daily dollar increase: $536
PARKVILLE
Median: $617,500
Daily dollar increase: $514
CANTERBURY
Median: $1.285m
Daily dollar increase: $485
ESSENDON NORTH
Median: $545,000
Daily dollar increase: $438
WATSONIA
Median: $675,000
Daily dollar increase: $438
Data: Real Estate Institute of Victoria
Only suburbs where a minimum of 10 sales recorded in each time period are included.