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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