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Melbourne suburbs where house prices grew more than their owners earned in 2024 revealed: REIV

Dear Fellow Property Investor,

House prices in 25 Melbourne suburbs have out-earned their owners in the past year, surging at least $100,000 as the family home became 2024’s “most successful” property type.

New Real Estate Institute of Victoria figures show while the wider city’s median house price fell by $20,000 (2.1 per cent) to $913,000 in 2024, a handful of postcodes shrugged off tough conditions.

Multimillion-dollar housing markets including Deepdene, Portsea and Brighton had some of the biggest gains, rising anywhere from $255,000 to a whopping $602,000 in the past 12 months.

But more affordable pockets including Brooklyn, where the typical house today costs $803,250, and Yarra Glen, $935,000, also notched six-figure gains.

The growth would put them comfortably ahead of the $97,864 a year wage of Victoria’s typical worker, according to latest Australian Bureau of Statistics data.

In further good news for some homeowners, there were 92 suburbs where the median house price grew at least 3.6 per cent in the past 12 months to outpace the 3.5 per cent increase in Aussie wages in the same period.

TOP GROWTH AREAS: HOUSES

  1. Princes Hill: $1,830,000 — 24.5%
  2. North Warrandyte: $1,480,000 — 23.1%
  3. Park Orchards: $2,332,500 — 20.2%
  4. Deepdene: $3,613,000 — 20.0%
  5. Brooklyn: $803,250 — 17.8%
  6. Strathmore: $1,730,000 — 15.3%
  7. Watsonia: $1,000,500 — 14.9%
  8. Portsea: $3,350,000 — 14.5%
  9. Diamond Creek: $1,100,000 — 14.0%
  10. Launching Place: $736,000 — 13.2%

Source: REIV December Quarter Median Prices, 2024

So let me ask you a question…

Do you have a game plan for 2025? 

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the recovery phase of the Melbourne property cycle (which, in my opinion, is RIGHT NOW!)

Or, will you join them? 

The choice is yours!

So, what are you waiting for?

Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2025!

Click HERE to reserve your seat now!

Dear Fellow Property Investor,

Recent infrastructure developments and upgrades to local amenities have been key factors in Altona’s recent property price surge, according to a local real estate director. 

Real Estate Institute of Victoria (REIV) data showed a 25 per cent increase in the median property price to $1.2 million in the June quarter

The number of properties sold in Altona has remained steady, with 120 properties sold this quarter compared to 118 in the March quarter.

Ray White Altona director Anthony Anile said the steady volume of sales and rising prices indicates a strong demand.

Properties have been selling faster, with the average days on market reducing from 45 to 30 days, while Mr Anile said was a sign of increased buyer interest and competition.

Auction clearance rates have also risen considerably, going from 70 per cent to 85 per cent, the data revealed.

First-home buyers and investors alike have shown an interest in Altona, with increased activity from both demographics.

Mr Anile mentioned “the appeal of a coastal suburb with a relaxed lifestyle,” as being among the deciding factors.

The suburb is attracting young professionals, singles and couples, as well as families,” he said.

“They are drawn by the family-friendly environment, good schools, parks, and community facilities,” he said.

The suburb saw the largest median price increase in Hobsons Bay and Maribyrnong and was significantly higher than the rest of metro Melbourne, which recorded a 1.5 per cent decrease to property prices.

Among the suburbs in Hobsons Bay and Maribyrnong to also record a rise were Altona North (7.8 per cent to $965,000), Footscray (5 per cent to $1.1 million), Kingsville (1.6 per cent to $1.1 million), Laverton (0.8 per cent to $578,000), Seabrook (2.8 per cent to $784,000) and West Footscray (11.4 per cent to $1.02 million).

Let me ask you something…

Do you have a game plan for 2024? 

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?

Or, will you join them? 

So, what are you waiting for? 

Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!

Click HERE to reserve your seat now!

(KPMG Australia releases latest property report)

Dear Fellow Property Investor,

House prices will rise nationally by 5.3% over the next six months and by 5.6% during 2025, KPMG’s new property report on Australia’s capital cities finds.

Apartment prices across the country will see an average rise of 4.5% by December and then match houses by growing by 5.6% in the following 12 months.

For the next six months, there will be considerable national variation with Perth house prices rising by over 10% while Darwin and Hobart only experiencing 1.4% growth. For units, the predicted increases range from Perth’s 8.6% to Canberra’s 1.3%.

But in 2025, there will be much greater house price growth consistency across the country. Melbourne houses will rise the most by 6.5% followed by Canberra at 6.0%, but even the lowest, Brisbane will still rise by 5.1%. By contrast, units will still have considerable regional variation next year, ranging from Perth’s 8.0% growth to Brisbane’s more modest 2.5% increase.

The previous 12 months, to March 2024, saw a 7.7% national rise in house prices – with Perth, Adelaide and Brisbane the stand-out performers – and 6.1% in apartments. The slower growth over the next six months is attributed to a slower rate of migration, and the cooling impact of high interest rates. Prices will then start rising slightly faster during 2025 as rate cuts start to be introduced by the RBA, as KPMG anticipates.

Rents are tipped to rise by 4-5% over the next two years, having increased by 7.8% over the past year, the largest increase since the GFC in 2008/9.

Dr Brendan Rynne, KPMG Chief Economist, said: “In a year of high interest rates and inflation and subdued consumer sentiment the housing market has withstood all those factors and still provided strong price growth, due to demand outstripping supply. Even the much-anticipated ‘fixed-rate cliff' – the transition of mortgage holders off lower fixed rates to higher variable rates – has only had a mild impact and households have so far coped well with the rate rises, due to a robust labour market and Australia’s historic low unemployment rate.”

“Supply has remained insufficient, and while we do forecast a slight rise in housing approvals, this will take time to translate into actual housing completions, due to the time lag inherent in the process. Although material costs and financing costs have started to stabilise after sustained increases, labour costs continue to increase in response to high demand for qualified tradespeople. Many barriers remain to developers building new homes, while continuing high rental costs are pushing renters to look to buy instead, which is pushing up demand.”

“After the exceptional house price increases we have seen in several capital cities over the past 12 months, we do forecast a slowdown in the rate of growth, given the drop in migration, the delayed impact of high interest rates and a predicted increase in unemployment over the rest of this year. Foreign investment activity has also yet to regain its levels of two years ago. But overall we will still see solid price gains over the next 18 months, especially in 2025, as the RBA starts to introduce interest rate cuts, as we anticipate”.

Forecast of House Prices

Let me ask you something…

Do you have a game plan for 2024?

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?

Or, will you join them?

So, what are you waiting for?

Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!

Click HERE to reserve your seat now!

Dear Fellow Property Investor,

In the four years since the pandemic began, home prices around the country have staged a remarkable feat.

From fears of sharp falls through the pandemic, to predictions of steep declines when interest rates began to quickly climb, home prices have defied the expectations of many, surging 39.9% nationally.

Throughout this four-year period, multiple factors have influenced and shifted housing trends, with the housing market cycling through different phases as a result of the pandemic's wide-ranging economic and social impacts.

Graph: Home Price Growth Australia 2014 - 2024

The supply of properties for sale, population growth, building activity, rental market conditions, interest rates, and interstate and regional migration have all affected home price growth, as well as how it has been distributed Australia-wide since March 2020.

And at the same time these factors have faced a complex interplay of economic policies, consumer behaviour, and broader societal changes in response to the pandemic.

In the past year capital city markets have outperformed regional areas (7.64% versus 4.67%), but comparing growth since the pandemic onset, regional home prices have significantly outperformed their capital city counterparts in every state except WA and NT.

This outperformance was largely accumulated throughout the pandemic property price boom.

At the very onset of the pandemic, there was a pause in the housing market as lockdown restrictions, closed borders and uncertainty weighed, with many thinking home prices would fall.

In fact, the opposite occurred. Housing demand surged, and along with record low interest rates and limited stock for sale, combined to drive a price boom that saw national prices growing at the third-fastest rate in Australia’s history.

Let me ask you something…

Do you have a game plan for 2024?

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?

Or, will you join them?

So, what are you waiting for?

Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!

Click HERE to reserve your seat now!

Investors Prime

Interested in learning more about property investing in Australia? Please visit our main website InvestorsPrime.com.au for loads of free resources, articles, videos and more to help you on your investing journey.

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