Melbourne’s eastern suburbs booming
Melbourne has seen a strong decade of property growth, with some suburbs trebling in value.
Victoria’s Valuer-General has released figures showing property in the state has seen a 22.4% rise over the past two years, the Age has reported. Some areas of the state have outperformed, particularly Melbourne’s eastern suburbs. The area saw home values treble. Boroondara, Whitehorse and Monash councils saw the total value of all residences rise between 160% and 200%, the Age reported.
Valuer-General Robert Marsh said the suburbs were also the ones where home values roseg the most over the last two years.
“Monash tipped the scales at 39%. In any terms that is a big increase,” Marsh said.
The total value of all property in Victoria rose 20% to $1.87 trillion over the last two years. Marsh said the rise could be attributed to a boom in construction raising the number of rateable properties, as well as a significant rise in value of existing properties.
“In my time, that is a record increase between revaluations,” Marsh said.
While property prices may have boomed in Melbourne’s eastern suburbs, however, coastal and holiday home values stagnated, the Age reported. Inner city commercial property, meanwhile, saw strong increases alongside residential property. Melbourne, Port Phillip, Yarra, Stonnington, Bayside, Whitehorse, Manningham and Boroondara saw rises between 14% and 25%.