The 11 suburbs outperforming in Melbourne: REIV

While Melbourne’s median house price was recording as stabilising in the quarter to the end of September, it seems that a number of suburbs, including those in the middle ring, are outperforming, according to the Real Estate Institute of Victoria (REIV).

In the previous quarter, the median price for Melbourne grew 2.1%, and auction numbers increased, however a moderating effect is now being seen, explains REIV chief executive office Enzo Raimondo.

The median house price was recorded as $649,000, with the median unit price up 1.2% over the period to $503,000.

"But price growth was variable across the city, according to buyer demand," Raimondo says.

“A number of suburbs saw significant increases, especially Melbourne’s middle suburbs.”

These suburbs included:

COBURG – up 16.7%, potentially due to buyers being priced out of nearby Fitzroy North, Northcote and Thornbury

Balwyn – up 16.3%, potentially on the back of its access to desirable schools

Mount Waverley – up 12.5%

Doncaster – up 11.9%

NOBLE PARK – up 14.3%

South Morang – up 11.7%

Box Hill North – up 10.9%

Seaford – up 10.6%

Wantirna South – up 10.3%

Forest Hill – up 9.4%

Craigieburn – up 9.4%

"As buyers have been priced out of the higher priced suburbs, they have looked for more affordable options further out, but with infrastructure such as schools and shopping,” Raimondo says.