According to a recent report by RealEsate, housing prices in multiple jurisdictions on the Mornington Peninsula have soared over the past 20 years. Among them, Tyabb ranked first in the 20-year increase list. The median house price in the area soared by 682%, from A$121,500 to A$950,000.
Somers has ranked second with a 577% increase, from A$144,000 to A$970,051. Other Mornington Peninsula jurisdictions in the top 20 include: Rye (up 481% to $702,500), Blairgowrie (up 464% to $924,000) and Hastings (up 461% to $505,000). Realtors say these areas are better than Sorrento and Blue chip areas like Portsea are more attractive to buyers because their prices are much cheaper. In addition, according to realestate.com.au data, in the past 20 years, Clayton’s growth rate ranked third in Melbourne, and its median house price soared by 560% to $1.2 million.
Other top regions include Springvale (up 510% to $762,000), Box Hill (up 501% to $1.624 million), Chadstone (up 475% to A$1.116 million), and Box Hill North (up 473% to $1.624 million) 1.26 million Australian dollars).
Nerida Consibee, the chief economist of the RealEstate website, attributed Clayton’s prosperity to the location of Monash University. She said: “This university is getting stronger and stronger.” She also pointed out that the traditional blue chip area has also performed well since 2000, with Malvern leading the rise, an increase of 502%, with a median price of 2.8 million Australian dollars. Mont Albert North also rose 486% to A$1.5405 million.
https://www.realestate.com.au/news/melbournes-top-20-suburbs-for-house-price-growth-since-2000/