The semi-rural urban suburb of Narre Warren North has achieved incredible daily price gains for houses in 2021 and with “no signs of slowing”.
The suburb in the City of Casey notched $1,247 of price growth per day in 12 months to December 2021.
This is equivalent to an eye-watering $1.575 million increase or 40.6 per cent annual change to the median house price, according to data from the Real Estate Institute of Victoria.
The incredible growth was attributed to the suburb’s larger blocks and acreages, according to Barry Plant Narre Warren managing director Nicola Parreira.
“People are chasing a balanced lifestyle, not having to travel into the city day in, day out and enjoying more space … Narre Warren North has just that on offer,” she said.
“If COVID and lockdowns have taught us anything, it’s that we want to enjoy the extra space we have at home.”
Last July, 10 Garden View Court achieved a sale price of $1.2 million. The house was re-listed and sold six months later in December for $1.32 million.
The property accomplished $120,000 growth in five months in a private sale after just one open inspection.
“You can’t lose in Narre Warren North, whether you purchased 10 years ago tripling your investment or six months ago gaining over $100,000, it’s a safe investment,” Ms Parreira said.
“We sold a property in August for $1.4 million and have interest from other buyers wanting to pay up to $1.6 million for the same house.”
Ms Parreira said even after the suburb recorded 40 per cent growth within 12 months, it is “still a good investment area" because of the land size.
“We are seeing more subdivisions, especially with residents who have been living on over an acre for 30 years, now selling their backyards for $1.2 million.”
Nearby at 8 Fox Road, Narre Warren North, a country-style home sitting on nearly two acres is going under the hammer in February with an asking price guide of $2.3-$2.6 million.
“We are getting some great traction because of the land size and stunning quality of the home,” Ms Parreira said.
“The house is definitely at the higher end of the suburb and it will appeal to a specific buyer, but we had nine groups interested at the first open and we are getting consistently good enquiries for it daily.”
The luxurious, modern home features five bedrooms, four bathrooms and 10 car spaces. The open-plan living and dining area sweeps over stunning polished concrete floors and takes you through to a breathtaking, resort-style outdoor entertainment space with an inground pool and spa.
Neighbouring suburbs also achieved strong price gains, with the likes of Narre Warren South recording 13.3 per cent growth and Narre Warren, 16 per cent growth in 12 months to December 2021.