Doncaster units up 28.9% in December quarter, tops Melbourne growth suburbs: REIV

According to the latest data from the Real Estate Institute of Victoria (REIV), the eastern Melbourne suburb of Doncaster recorded the highest annual growth in unit prices.

The median sales price of units in Doncaster for 2013 was $652,000, up 33.7% from 2012.

Of the top 20 growth suburbs listed by the REIV, 15 recorded annual price growth for units of over 20%, with Doncaster, Bentleigh, Caufield North, Dandenong and Bentleigh East making up the top five. 

Doncaster's 2013 growth was sustained through to the final quarter of the year, with the suburb recording a 28.9% increase in median unit price from the September quarter.

This three bedroom, one bathroom Doncaster apartment at 29/81-83 Tram Road (pictured below)  is currently selling with a minimum asking price of $599,000.

{yoogallery src=[images/stories/2014/02/06/don]}

 

5-7 Curlew Court in Doncaster is also selling off the plan. The three bedroom, two bathroom apartment has a minimum asking price of $590,000.

{yoogallery src=[images/stories/2014/02/06/don2]}

 

Another Doncaster apartment, one of the many newer units in the suburb, is currently selling with an asking price of $630,000. The two bedroom unit is at 27/3 Sovereign Point

{yoogallery src=[images/stories/2014/02/06/don3]}

 

The REIV's top 20 growth suburbs for units

Note: Only suburbs where a minimum of 25 sales recorded in the quarter are included.

Top 20 Growth Suburbs (Quarterly)

Suburb Dec-13 Median Sep-13 Median Quarterly Change
1 HIGHETT $625,000 $485,000 28.9%
2 DONCASTER $652,000 $546,500 19.3%
3 CARNEGIE $496,000 $417,544 18.8%
4 DANDENONG $335,000 $285,000 17.5%
5 MELBOURNE $517,000 $449,000 15.1%
6 Malvern East $707,500 $620,000 14.1%
7 BOX HILL $461,500 $405,000 14.0%
8 Mentone $550,000 $485,000 13.4%
9 Caulfield North $676,000 $597,500 13.1%
10 ARMADALE $594,000 $528,000 12.5%
11 Chadstone $663,500 $590,000 12.5%
12 HAWTHORN $538,000 $479,500 12.2%
13 COBURG $525,000 $469,000 11.9%
14 ASCOT VALE $514,750 $462,500 11.3%
15 KEW $650,000 $584,850 11.1%
16 ST KILDA $476,000 $431,500 10.3%
17 Noble Park $340,000 $309,500 9.9%
18 Doncaster East $720,000 $656,500 9.7%
19 Bentleigh $755,000 $690,000 9.4%
20 CAMBERWELL $665,000 $608,750 9.2%

Top 20 Growth Suburbs (Annual)

Suburb Dec-13 Median Dec-12 Median Annual Change
1 DONCASTER $652,000 $487,500 33.7%
2 Bentleigh $755,000 $566,250 33.3%
3 DANDENONG $335,000 $256,500 30.6%
4 Caulfield North $676,000 $522,500 29.4%
5 Bentleigh EAST $765,000 $597,500 28.0%
6 BRIGHTON EAST $862,500 $680,000 26.8%
7 ORMOND $537,500 $428,500 25.4%
8 HAMPTON $737,250 $592,500 24.4%
9 Chadstone $663,500 $535,000 24.0%
10 CARLTON $395,000 $320,000 23.4%
11 TOORAK $760,000 $618,000 23.0%
12 KENSINGTON $545,000 $444,000 22.7%
13 RICHMOND $646,000 $527,500 22.5%
14 Hughesdale $554,000 $457,500 21.1%
15 CARNEGIE $496,000 $410,500 20.8%
16 St Kilda East $537,000 $450,000 19.3%
17 HIGHETT $625,000 $524,000 19.3%
18 KEW $650,000 $550,000 18.2%
19 CAMBERWELL $665,000 $566,000 17.5%
20 CROYDON $440,000 $375,000 17.3%
Source: REIV

jrichardson@propertyobserver.com.au

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