VIC real estate: Eltham now Melbourne’s hottest property market, after prices rise 9.4 per cent

Despite economic challenges, Melbourne’s property market displayed resilience in the 2024 financial year.

While overall price changes were modest, specific suburbs saw significant growth, particularly in middle Melbourne according to data from the Real Estate Industry Victoria.

The leafy suburb of Eltham took the crown for the greatest house price growth.

Often dubbed Melbourne’s biggest “tree change” suburb, the desirable location emerged as the leader in house price growth.

With a median house price reaching $1.3 million, the suburb witnessed a remarkable 9.4 per cent increase over the year according to REIV data.

Glen Waverley followed closely behind, experiencing an 8.5 per cent rise and pushing its median house price to $1.77 million.

The unit market saw even more dramatic shifts, with Sandringham leading the boom.

The popular bayside locale took the top spot with a staggering 25.9 per cent increase, propelling its median unit price to $875,000.

Blackburn was also impressed with a 15.8 per cent jump, driving its median unit price to $749,975.

The experts agree that the market currently offers opportunities for discerning buyers.

“While overall price movement was minimal, each suburb has carved its own path,” commented REIV President Jacob Caine.

“This highlights opportunities for both buyers and sellers seeking specific market conditions, whether it’s strong growth or improving affordability.”

REIV CEO Kelly Ryan underscored the market’s continued vigour.

“Despite rising interest rates and other challenges, transaction volumes have increased compared to the previous year, indicating ongoing demand in Victoria’s real estate sector,” Ms Ryan said.

This story was originally published on view.com.au.