Realestate.com.au chief economist Nerida Conisbee told Canstar that the preferences of home buyers have changed during that period. “Twenty years ago, it was popular in the suburbs, in big houses in big houses. Since then, we have seen a shift to coastal life and urban life, which are all within walking distance.” She explained. “In the suburbs, there are also many young people entering the gentrification.
The young people tend to renovate and need better local services, which brings new vitality to the suburbs and often leads to substantial price increases. The suburbs have been carried out. Urban renewal, or with changes in preferences, has become more and more popular with buyers, and their housing prices have grown strongly.” According to the data obtained by realestate, half of Melbourne’s top ten suburbs are Tyabb, Somers, Crib Point, Rye and Tootgarook, located in the Mornington Peninsula area. Tyabb and Somers are the two best performers. The median price is now close to US$1 million, which is A$950,000 and A$970,000 respectively.
House prices in Crib, Rye and Tootgarook are more affordable, with median prices ranging from $525,000 to $702,500, although prices have all increased by more than 475% since 2000. Clayton, where Monash University is located, ranked third, with a median price soaring 560% to $1.2 million. As early as 2000, the median price of central Malvern was $465,000, which would undoubtedly be considered expensive at that time. Given that the median price has risen by 502% to A$2.8 million. The fastest growing suburbs in Melbourne in the past 20 years are as follows:
https://www.canstar.com.au/home-loans/growth-suburbs-20-years/