Millgrove has notched the highest median house price growth in the last 12 months across Melbourne. Affordable properties like 2 Adrienne Court are luring first-home buyers to the scenic town.
The scenic town of Millgrove is the star of Melbourne’s property market.
The leafy Yarra Ranges township has defied the market cool down, with its median house price soaring 30.8 per cent in the past 12 months to $401,500.
This compares to just 5 per cent growth across Melbourne overall, according to Real Estate Institute of Victoria data.
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Seventy Melbourne suburbs bucking the cooling market trend to record double-digit growth
A total of 70 suburbs across Melbourne have bucked the softening market trend and added 10 per cent or more to their median house prices in the past year.
The Yarra Ranges had more double-digit growth postcodes than any other municipality.
Yarra Junction’s median house price grew 21.2 per cent to $485,000; Warburton notched an 18.3 per cent gain to $525,000; and Healesville’s 16.4 per cent growth pushed its median house price to $602,000.
Olinda, Belgrave and Upwey also made the list.
Professionals Andrew McMath Yarra Junction agent Ashleigh Hall said the search for affordability was pushing buyers out further east.
“Our area has now been discovered because people are being pushed that bit further out, then they see it’s such a nice area to live and bring up kids,” Mr Hall said.
“Millgrove has a beautiful little creek that runs through the town and backyard of quite a few of the homes, walking trails and there’s a really good community spirit.
“It comes down to the lifestyle of the area.”
Mr Hall said first-home buyers accounted for a large section of the Millgrove market, with downsizers and a few investors also vying for its well-priced properties.
“An unrenovated home probably sells in the low- to mid-$300,000s, while a renovated property would be in the high-$300,000s to mid-$400,000s,” he said.
“Most homes are needing a renovation which young people like, putting their own touch on their new place.”
Millgrove’s top spot was followed by Dallas in Melbourne’s north, up 26.6 per cent to a $529,500 median house price, and beachside Elwood, up 22.9 per cent to $1.7 million.
Whittlesea came in fourth, with 22.1 per cent growth to a $605,000 median.
REIV president Robyn Waters said affordability was a key.
All but 14 of the 70 double-digit growth suburbs had a median house price below greater Melbourne’s $834,000.
“Affordability is one reason the outer suburbs are still enjoying strong growth, people are having to move further out,” Ms Waters said.
“First-home buyers are more likely to be found in those outer suburbs, so those markets are still quite viable.
“It’s not all doom and gloom.”
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