Houses in two popular Knox suburbs stacked on huge price gains during Melbourne’s last lockdown.
The median house price in Ferntree Gully jumped an impressive 15.2 per cent to $968,000 in the quarter to September, latest Real Estate Institute of Victoria figures revealed.
The suburb ranked fourth among Melbourne’s top 10 postcodes, with the typical Ferntree Gully house gaining $128,000 over three months. This was equivalent to a staggering $1422 gain every day over three months for a house owner.
A combination of cashed-up upgraders, first-home buyers and investors has pushed up prices in the suburb, Barry Plant Wantirna director Daniel Cripps said.
“A foothills suburb, Ferntree Gully has a train station and offers larger blocks, with family homes popular among buyers,” he said.
“The upper end of the market attracts locals who are upsizing, while first-home buyers and investors are keen on the more affordable properties.”
Ferntree Gully also performed well over a 12-month period, recording a 10.2 per cent rise in median price.
Its neighbour Wantirna South was also among Melbourne’s top-performing areas, with the median house price rising 10.6 per cent or $125,000 to $1.305 million. This was a daily gain of $1388 over the quarter.
Knox suburbs have gained in popularity compared to the more expensive nearby areas such as Glen Waverley and Wheelers Hill.
“Many buyers priced out of other suburbs have come to Knox because of the value for money,” Mr Cripps said.
“And those pushed out from Wantirna South are now looking at Ferntree Gully, Knoxfield and Scoresby.”
Melbourne’s best performer of the quarter was Keysborough where the median price rose 22 per cent to $1.1 million. Overall, Melbourne recorded a 6 per cent median price growth to $1.072 million.
The REIV data was based on at least 30 sales in a suburb during the quarter. Several Knox suburbs, which did not record more than 30 sales over the period, also performed strongly, with the Wantirna median house price gaining 18.4 per cent to $1.24 million.
The REIV reported strong house price gains despite Melbourne’s repeated lockdowns due to the pandemic.
Fifteen Melbourne suburbs also recorded median house prices above $1 million for the first time. They included Knoxfield, Croydon North, Gembrook, Selby, and Upwey in the outer-east region.