The median price in Ashburton has grown more than any other suburb in the past 20 years.
Ashburton has joined the ranks of its affluent neighbours, with property prices booming unlike anywhere else in Melbourne in the past 20 years.
The leafy eastern pocket was the city’s top growth suburb, with the median house price rising by more than 1000 per cent since 1996, according to CoreLogic.
It was joined by other nearby suburbs including Clayton, Ashwood and Burwood, which had the 5th, 6th, and 7th highest price growth.
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It’s on the market with a price guide of $1.65-$1.75 million.
Buxton Ashburton agent Rohan Cleary said families priced out of more expensive neighbouring suburbs like Camberwell and Glen Iris often bought in Ashburton.
“It’s a suburb that is slightly cheaper, so it was only a matter of time before it developed and prices went up,” he said.
“We’ve probably seen the biggest spike in the past five years, as Chinese buyers have pushed up the demand.”
The area attracts buyers priced out of Glen Iris and Camberwell.
He also said upgrades to schools, including Ashburton Primary, and other amenities had added extra appeal to the pocket.
“The facilities at the Ashburton shopping strip are great and the pool and recreation centre, which wasn’t built all that long ago, has really lifted the area a lot,” he said.
The houses had changed significantly over the years, with “not many period homes left in the mix”, Mr Cleary added.
It has a suggested selling price of $1.6 million.
“A lot of houses on large blocks were given to servicemen after the war, but those are being pulled down and the blocks are being subdivided,” he said.
“There are a lot of brand new homes and developments around here because there was a lot of land to work with.”
The family-friendly suburb is also second in Victoria for house value growth over the past decade, jumping by 153.9 per cent, according to CoreLogic.
Mr Cleary said there were not many period homes left in the area.
Ashburton’s median house price has grown more than 1000 per cent in the past 20 years.
CoreLogic national head of real estate Geoff White said it would have been impossible to predict the median price growth seen.
“Even if you’d taken a stab in the dark you wouldn’t have said 900 or 1000 per cent,” he said.
Citywide Melbourne’s median house value has grown almost five times from $129,000 in 1996 to $742,000 in the latest figures, according to CoreLogic.
SUBURB PROFILE: Ashburton
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