Murrumbeena Records Best Long-term Median Unit Price Growth In MelbourneThe 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.