Outer suburban property values continue to rise with Whittlesea recording Victoria’s largest median house price increase, up 15.1 per cent to $599,000 since last year.
With stagnant wage growth and the price of housing in the inner suburbs beyond the reach of many Whittlesea, Wallan and Melbourne’s outer western suburbs are seeing rapid development and growth.
Victoria’s first-home buyer incentives have helped protect outer suburbs from median price falls. Instead it has fuelled development and increasing house prices.
TOP 10 SUBURBS TO RISE BY MEDIAN
| Rank | Suburb | Median | YoY | 5 Years |
| 1 | Whittlesea | $599,000 | 15.10% | 57.60% |
| 2 | Cairnlea | $780,000 | 11.40% | 60.30% |
| 3 | Brookfield | $487,750 | 9.60% | 48.70% |
| 4 | Gisborne | $760,000 | 9.40% | 52.00% |
| 5 | Harkness | $480,000 | 9.10% | 54.30% |
| 6 | Wollert | $600,000 | 9.10% | 67.10% |
| 7 | Bacchus Marsh | $500,000 | 8.70% | 42.90% |
| 8 | Kurunjang | $439,500 | 8.50% | 51.70% |
| 9 | Eynesbury | $555,000 | 7.50% | 44.30% |
| 10 | Wallan | $505,000 | 7.40% | 44.30% |
Source: Domain House Price Report – March 2019
This compares to Fairfield which recorded a median house price decline of 21.4 per cent to $1,122,500 in the year to March, the Domain House Price Report stated.
