A clutch of suburbs in Melbourne’s outer north has witnessed growth of up to 17 per cent in property prices over the past year.
Australian Property Monitors senior economist Dr Andrew Wilson has compiled a list of the top 10 performing suburbs in Melbourne’s eight housing markets, by geographical area.
In the city’s north-east, Wollert notched up 17.3 per cent growth in the 12 months to September 30, fetching a median house price of $440,000.
In the north, Fawkner had the second greatest growth in a year, with a median house price of $500,000, representing a price increase of 16.3 per cent.
Dr Wilson said the suburb’s growth could be partially attributed to the revival of Melbourne’s north.
“The gentrification of these suburbs is just spreading outwards, and Fawkner is a logical extension of that buzz,” he said.
“And anything that has a median [house price] in the $400,000s is a no-brainer.”
Dr Wilson said first-home buyers were heading to Wollert. He put outer northern corridor growth down to economic improvement and a stronger jobs market.
Two other suburbs to feature in the area’s top 10 for growth are Gladstone Park (14.4 per cent growth, median house price $461,000), and Westmeadows (13.4 per cent growth in the year to September, median house price $460,000).
Barry Plant Gladstone Park director Nick Pugliese said Gladstone Park had been popular with first-home buyers.