Domain’s House Price Report for the June quarter showed some significant rises and falls to median house prices across a range of suburbs – some not necessarily where you might expect.
Family buyers seeking affordable suburbs may have contributed to increased median prices in suburbs such as Keilor, which saw the biggest increase of 20% to reach a median price of $1.20 million.
Keilor was followed by Wantirna South up 14.8% to a median price of $1.28 million and Oakleigh South up 13.7% to $1.16 million.
The increases weren’t contained solely to Melbourne’s more budget-friendly locations. A few affluent suburbs also recorded median price rises including Hawthorn which saw a 10.4% increase to $2.67 million and Middle Park, reaching $2.78 million after an 11.9% increase.
Drops in median values were seen by prestigious suburbs such as Toorak which slid 12.1% down to $4.52 million, Kew which dropped 10.1% to $2.52 million and Armadale, falling 14.6% to $2.34 million.
The suburbs recording the biggest drops were Fairfield, falling 20.6% to $1.35 million, closely followed by Box Hill which dropped 19.9% to $1.2 million and South Yarra falling 14.7% to $1.86 million.
You can see how your suburb fared in Domain’s June 2024 House Price Report.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.