Best performing suburbs through the downturn
Successive interest rate falls since September coupled with boosts to the first home buyer grant, have resulted in a near reversal of Melbourne’s best – and worst – performing suburbs since last year.
In particular the top end suburbs where median values were seven figures, are dragging the chain.
Those with average values under $500,000 are carrying them.
The figures
Five of last year’s 10 best suburbs in terms of median growth last year, need an average $1m to buy into.
The most affordable on the list was Ashwood ($624,500).
By comparison this year, nine of the 10 precincts to report the strongest growth carry medians of less than $400,000.
Keilor was the priciest of those ($535,000).
In overall terms, Melbourne’s median house price is $456,000 – up 4.3 per cent for the year to February, 2009.
Flats and units increased 2.3pc to $373,500.
For the comparable period last year, the city’s average median house price rose 13.5pc (to $430,000).
