Victoria’s real estate superstars over the past decade: where the median price has risen the most stable

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This mansion in Birregurra was sold for an undisclosed price in February.


Victoria’s best places to make money in the real estate market over the past decade have been revealed.

Superstar in the real estate market The median dollar value growth has been the most sustained and strong—making the value of the owner’s most important asset much higher than other investments.

The two towns have become Victoria’s top treasure trove, which shows that tree changers and investors looking for a quiet second home or holiday destination are still having a significant impact on the regional market.

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According to new data from realestate.com.au, Marysville-the epicenter of the 2009 Black Saturday bushfires-has risen to the median house price of $490,000 behind an average annual increase of 15% over the past 10 years.

Birregurra, a town of about 800 people between Geelong and Colac, home to the famous restaurant Brae, is close behind. Since 2011, the median house price has risen by an average of 11.7% per year, reaching US$697,500.

Long-term homeowners in Clyde North, Melbourne’s outlying development area, are also sitting on gold mines, with an average annual income of 11% over the past ten years.

This is followed by coastal suburbs, such as St. Andrews Beach and Airey Bay near Lorne, where the median house price now exceeds $1.2 million.

AvenueFive Geelong director Sam Parsons said that after years of quiet bubbling, remote areas like Birregurra “should be time” to be recognized for their potential.

“Birregurra’s price growth (in recent years) has been amazing,” he said.

“A lot of the places (buyers) we sell have some kind of connection to the area. They may have friends or family members, or they may have grown up there.

“Now people can live flexibly in a rural town with a good atmosphere, close to Torquay (like a seaside suburb) and at the foot of Otway-people put lifestyle first.”

Mr. Parsons said that interest in the town increased significantly last year, with a typical piece of land rising from approximately US$220,000 in early 2020 to US$320,000 to US$345,000 today.

In April, 153 Bass Meadows Boulevard, St Andrews Beach, sold for $1.670 million.


He said that “the local school is full,” and more and more young couples and families are establishing their positions in the area, attracting new crowds.

“The secret is in Biregula,” he said.

The outskirts and regional towns are not expected to slow down anytime soon.

Hotspotting founder Terry Ryder predicts that the influx of large numbers of people, led by Melbourne, into these areas will continue to “push up prices and sales levels” in the next few years.

“This is an enduring trend,” Mr. Ryder said.

“It lasted much longer than the COVID lockdown, and people flocked to smaller cities and remote areas.

“For the past four years, Melbourne has been losing internal immigration… I think these trends (especially) for areas like Mornington Peninsula, Beveridge and Bright will only continue.”

He said that due to the coronavirus lockdown and working from home, the idea “speeded up” and people bought houses “widely” at prices lower than in the city.

Realestate.com.au economist Anne Flaherty said that areas that are affordable and have room for expansion have performed best in recent years.

“In the past 10 years, many suburbs where unit prices have increased strongly are located in population growth corridors that can provide jobs and good public transportation infrastructure,” she said.

“(But) in contrast, suburbs with outstanding housing performance are usually located in scenic outer and remote areas.

Beveridge Mandalay Circuit No. 157 was sold for $555,000 in September.


Hamlyn Heights, Bright and Sunshine in the suburbs of Geelong are the most reliable areas for apartments, with a median price increase of 8% over the past decade.

Clyde North’s mum Meeta Shah-Kohli and husband Gurpreet Kohli said it’s important to have everything within reach when deciding where to build a family home.

The couple and their 12-year-old daughter Reet bought Frasers’ Berwick Waters estate in 2017 after they moved from Melbourne’s West End.

Ms. Shah-Kohli said: “The block we owned was across from the park, which effectively sold us.”

“There are a lot of beautiful waterside houses, walking paths, and because we are renting a house (before construction), we can see that the community is great-closely connected, but a lot of things have happened.

Since establishing itself in the area, this young family has witnessed the “boom” of housing and huge changes in infrastructure, as well as the rise in real estate prices.

Ms. Shah-Kohli’s family paid approximately US$320,000 for their neighbourhood, and their friend just bought the land on the same estate for US$510,000.

Sarah Bloom, general manager of Frasers Property Australia, said that Clyde North has consolidated its position as a “premium location”.

“In the ten years since Berwick Waters became the first new community in the thriving Southeast Corridor, Melbourne has stretched further along this highly active corridor for several kilometers,” she said.

Berwick Waters Estate has approximately 4,000 people and has just released the first batch of land in three years to meet demand.

In November, 10 Birregurra-Yeodene Road in Birregurra was sold for US$995,000.


houses

(Median year-on-year increase in house prices in the past 10 years, percentage)

Marysville, 15

Repeat, 11.7

Clyde North, 11

Newington, 10.6

St Andrews Beach, 10.4

Bonnie Dunn, 10.1

Uruk, 10

Aireys entrance, 9.8

Bright, 9.6

Beveridge, 9.5

Violet Town, 9.3

Waterway, 9.2

Trentham, 9.2

Tinburn, 8.9

Fingel, 8.9

Unit/Townhouse

(Median year-on-year increase in house prices in the past 10 years, percentage)

Hamlin Heights, 8.1

Bright, 7.4

Sunshine, 7.2

Geelong, 7.1

Ashburton, 6.8

Kelodon, 6.5

Castlemaine, 6.4

Diamond Creek, 6.2

Dolmana, 6.2

West rose bud, 6.2

Forest Hill, 6.1

Glen Waverley, 6.1

Berwick, 6

Ashwood, 6

Hernhill, 6

The suburbs must have at least 15 sales in the past year.

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alanah.frost@news.com.au

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