Melbourne's standout suburbs are world's apart
The two fastest-growing suburbs in Melbourne over the last quarter were radically different in price, location and demographics, the Real Estate Institute of Victoria reported (REIV).
According to REIV data, affluent Toorak recorded the strongest grwoth over the quarter with a rise of 25.1 per cent.
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The median price for a home in Toorak is currently $3,040,000.
REIV CEO Raimondo Enzo said there was healthy demand for buyers at the top end of the Melbourne market.
“Toorak remains a highly sought-after suburb for top-end buyers – for whom budget is unlikely to be an issue,” he said. “It offers many of the city’s best homes on substantial blocks, all within minutes of the CBD,” he said.
But second place went to affordable Sunshine in the inner west.
Described by Mr Enzo as "formerly working class", the suburb recorded growth of 23.2 per cent in the three months to June.
Sunshine’s median price increased from $437,500 in the March quarter to $539,000 today.
REIV CEO Raimondo Enzo said the result indicated a shift in buyer demand as the inner city becomes increasingly expensive.
“The substantial increase indicates a significant trend in the Melbourne homebuying market: first home buyers and those seeking affordable properties are snapping up homes in the middle ring as inner-city properties are priced out of their reach,” Mr Enzo said.
In particular, price rises in formerly cheaper suburbs like Yarraville, Seddon, Footscray and Newport have forced buyers further afield, he said.
