Send us a message

Murrumbeena Records Best Long-term Median Unit Price Growth In Melbourne

The Age - Domain, Christina Zhou - Published December 2014

An inner-south suburb has proved to be a better bet for apartment investors than Melbourne's most exclusive postcodes.

A typical home owner who bought a unit in Murrumbeena seven years ago would have seen prices soar by 92 per cent. In comparison, a swish address in Hawthorn East or Toorak may have only achieved about a third of this growth.

"There's been an upgrading of the area with medium density [development] and that's pushed prices up," Domain Group senior economist Andrew Wilson said.

In the west, units in Footscray were the best performers with the median surging by 76 per cent over the past seven years, while Fitzroy led the inner-city suburbs with prices climbing 55 per cent.

Overall, Melbourne's outer-eastern suburbs were the best long-term performers, with the median unit price increasing by more than 52 per cent in the period, Domain Group data shows.

While prices growth in Docklands was stagnant due to an oversupply, unit prices in Prahran and Port Melbourne grew by more than 50 per cent.

Privacy Policy

Users of this site acknowledge and agree that any personal information provided may be used by a third party for marketing purposes.  We do not collect personally identifiable information about you, except when you provide it to us. For example, if you decide to complete an online registration form you may be asked to provide certain information such as your contact information (name, e-mail address, mailing address, and telephone number).  The information you provide may be used by us to create and deliver to you our newsletters or surveys, or other communications containing property launches.  If you provide us with your email or IM address or mobile phone number we may provide you with these communications electronically.  We may sell or transfer such personal information to our affiliates, licensees and partners.  We will use the information you provide to us only in accordance with Privacy Laws and we shall retain the information you provide to us until it is no longer relevant to our business or you request that we delete the information. We may share your personally identifiable information with our “Affiliates” that distribute and market Pace Development Group properties.   An “Affiliate” is a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, our company. An affiliate may operate outside Australia. 

close

Disclaimer

While every effort has been made to ensure the information contained herein is correct at the time of issue, the enclosed information is subject to change at any time.

close