Melbourne’s inner eastern suburbs and those along the bay are perennially popular with buyers due to the leafy streets, good schools and proximity to well known shopping location, restaurants and the city.
The scarcity of property in the tightly held suburbs such as Camberwell, Toorak, Hawthorn and Canterbury is exemplified by the fact that each one now has a median house price of over $1,000,000.
The high demand for these suburbs has overflowed into neighbouring suburbs, Box Hill North, Blackburn, Blackburn South and Vermont South.
These four suburbs are in the REIV’s top 10 growth suburbs for the September quarter. This growth is attributed to the fact that they are located between 15 and 20 km from the CBD, are close to railway stations, the freeway, have a good array of shopping and restaurants close by and are still relatively affordable when compared to neighbouring suburbs that are slightly closer to the CBD.
Blackburn’s median grew from $584,000 three months ago to $703,500, a rise of 20 per cent. This followed a 29 per cent appreciation in the June quarter. To put this in perspective in March 2005 the median price of house in Blackburn was nearly half what it is now at $385,325.
Blackburn South’s median value grew from $462,500 to $552,500 over the same period, a rise also of around 20 per cent.
Box Hill North’s median value grew from $505,000 to $602,500 in three months a rise of 19 per cent. During the previous quarter it grew by 17 per cent.
Vermont South’s median grew 17 per cent in the quarter, which saw the median rise from $503,000 to $590,000.
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