Melbourne's inner southeast suburbs have demonstrated remarkable growth and resilience. The REIV reports that Melbourne's median house price decreased by 2.5% over the past 12 months but has since rebounded with a 2% increase in the last quarter, signifying a stabilised and strengthened market.
The following seven suburbs are of particular significance.
Hawthorn stands out with an impressive 16.4% increase in house prices over the past year.
"Hawthorn's 12-month growth can be attributed to its proximity to Boroondara's finest schools, vibrant Glenferrie Road lifestyle precinct, public transport options, and picturesque streets lined with charming period homes featuring architecturally designed extensions," says Stuart Evans, Marshall White Boroondara Director. " These attributes make Hawthorn one of Melbourne's most desirable locations, driving its strong property market performance."
Ashburton has seen a significant rise, with house prices up by 10.8%. The suburb's family-friendly atmosphere, abundance of parks, and excellent schools contribute to its appeal, attracting buyers looking for a balanced lifestyle.
Balwyn follows closely with a 10.6% increase. Known for its leafy streets and prestigious schools, Balwyn continues to attract families and investors alike, driving demand and pushing up property values.
Mont Albert North experienced a 9.5% rise. The suburb's charm lies in its quiet, tree-lined streets and close-knit community, making it a preferred choice for families seeking a peaceful living environment.
St Kilda East recorded a 9.2% increase. The suburb's eclectic mix of modern apartments and period homes, along with its vibrant café culture and proximity to the beach, makes it a popular choice for a diverse range of buyers.
Prahran saw an 8.4% rise in house prices over the past year. Known for its vibrant shopping strips and nightlife, Prahran is increasingly popular among young professionals and investors looking for a lively urban lifestyle.
Doncaster also showed a solid growth of 7.0%, thanks to its well-developed infrastructure, shopping centres, and excellent transport links, making it a convenient and attractive location for homebuyers.
The strong performance of these inner southeast suburbs highlights the dynamic nature of Melbourne's property market, even in the face of broader market fluctuations. Buyers are increasingly focusing on areas that offer a combination of lifestyle, convenience, and investment potential, driving demand and boosting house prices in these sought-after locations.
*Source: Real Estate Institute of Victoria (REIV)
