Many suburbs that had the most growth in house prices were on Melbourne’s outer fringe.
Experts say the COVID price cycle drove much of the growth in Melbourne’s top-performing suburbs over the past five years.Alphington and Elwood were the outliers.A diverse mix of Melbourne suburbs have boomed over the past five years as both affluent and affordable neighbourhoods had their property price growth driven by the super-charged COVID price cycle.
They were followed by more affordable Lyndhurst , bayside Elwood and, further afield, Frankston South . “Melbourne had the greatest demographic shift out of anywhere in Australia. Melbourne saw the weakest upswing in house prices overall in all of our capital cities, but some areas boomed and those were those outer suburbs.”Former Alphington resident of 22 years Michael McInnes said he attributed the suburb’s growth to the gentrification of his old neighbourhood.
“It’s still close to the city but you have a family feel,” he said. “You’re close to the private schools like Ivanhoe Grammar and schools in Kew. “No one knows about it. Locals want to keep it quiet,” he said. “All in all it’s underrated. It’s undervalued because no one knows about it.Maher said the area had benefited from the COVID price boom, but because it was a tightly held suburb it had easily weathered the recent interest rate-induced decline.
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