Toorak median house price up a whopping 55.4% over 2013, tops Melbourne growth suburbs: REIV

Median house values in the ritzy Melbourne suburb of Toorak jumped by 55.4% in a year, according to the latest data from the Real Estate Institute of Victoria (REIV).

This included a rise of 19.8% in the December 2013 quarter, to ensure its place as the top growth suburb for houses over 2013.

Of the top 20 growth suburbs listed by the REIV, eleven recorded annual price growth for houses of over 25%; with Toorak, Donvale, Balwyn North, Hawthorn East and Wantrina South making up the top five.

The south-east Melbourne suburb of Prahran recorded the highest quarterly growth in house prices, with a median sales price of $1,155,000, up 25.7% over the December 2013 quarter.

Houses in Toorak sell in a wide price range and hence the median price can fluctuate depending on which end of the scale the sales data is predominately drawn from. For example a three bedroom house at 19 Ruabon Road (pictured below) is currently on the market with price expectations between $820,000 to $900,000.

{yoogallery src=[images/stories/2014/02/10/too1]}

 

By comparison a five bedroom, four bathroom house at 12 Albany Road (pictured below) is currently available for $11.5 million.

{yoogallery src=[images/stories/2014/02/10/too2]}

 

Top 10 growth suburbs (annual)

Suburb

Dec-13 Median

Dec-12 Median

Annual Change

1

TOORAK

$2,875,000

$1,850,000

55.4%

2

Donvale

$960,500

$691,500

38.9%

3

Balwyn North

$1,355,000

$980,000

38.3%

4

HAWTHORN EAST

$1,555,000

$1,132,500

37.3%

5

WANTIRNA SOUTH

$690,000

$515,000

34.0%

6

SURREY HILLS

$1,392,000

$1,049,000

32.7%

7

St Kilda East

$1,071,750

$822,500

30.3%

8

WERRIBEE

$350,000

$273,500

28.0%

9

PRAHRAN

$1,155,000

$908,000

27.2%

10

RINGWOOD

$600,000

$477,000

25.8%

Top 10 growth suburbs quarterly on next page. Please click below.

 


Top 20 growth suburbs (quarterly)

Suburb

Dec-13 Median

Sep-13 Median

Quarterly Change

1

PRAHRAN

$1,155,000

$918,500

25.7%

2

Donvale

$960,500

$770,500

24.7%

3

Fitzroy North

$1,177,000

$952,500

23.6%

4

TOORAK

$2,875,000

$2,400,000

19.8%

5

WILLIAMSTOWN

$1,000,000

$840,000

19.0%

6

WANTIRNA SOUTH

$690,000

$580,000

19.0%

7

NORTHCOTE

$971,500

$841,000

15.5%

8

HAMPTON

$1,400,000

$1,227,500

14.1%

9

HAWTHORN

$1,686,000

$1,480,000

13.9%

10

MOUNT MARTHA

$688,000

$605,000

13.7%

news@propertyobserver.com.au

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