16th August 2019 / Prue Fletcher: Top Performing Suburbs 2019

What makes Melbourne's best and worst performing suburbs and which ones have been able to weather the storm over the last 12 months and come out on top?

The latest data released by Domain shows downward trends when it came to most median house prices across Melbourne, but sellers need not be alarmed! According to leading economist, Trent Wiltshire, it is mainly due to a larger number of lower-priced homes having changed hands, causing the median price to drop, while higher-end house sales have been few and further between. "The higher-priced suburbs tend to be more volatile - they rose the most in the boom and have also dropped the most as prices cooled:'

Figures released as part of Domain's June 2019 quarter house price report, show outer eastern suburbs like Blackburn, up by 24.4 per cent in some areas.

Fletchers Director, Ben Williams notes that "the amount of property we are being invited to appraise at the moment shows good signs that there will be more opportunity for buyers as we approach the Spring market." Asked why he felt pockets of Whitehorse were continuing to buck the trend, he comments "I think mainly because they've still got that village feel, are only 20 minutes from the CBD, family and investment friendly with schools, transport and local amenities as well as having a great mix of housing available."

According to REIV data, bayside suburbs like Mornington have also recorded an increase in their median house prices, rising 18.5 per cent from $650,00 to $770,000.

Senior Property Consultant, Megan Sheedy, of Fletchers Blairgowrie isn't surprised with these results saying, "We've seen steady growth along the Peninsula with the market staying quite buoyant. The main driver is an aging population making a lifestyle change from the Eastern suburbs of Melbourne to the quieter, more laid back pace the Peninsula is known for". She adds: "property prices on average are nowhere near where they soared to closer towards the city, however with the ease of access via Peninsula Link, buyers can now keep one foot in their old life and enjoy the health benefits of living a slower paced life amongst wineries, cafes and by the bay whilst only being 50 minutes from town."

If you're thinking of a sea change, contact Megan Sheedy on 0417 817 879 or if you are considering upsizing, downsizing or looking to invest in the City of Whitehorse, contact Ben Williams on 0409 367 997.