The ‘rule of thumb’ that Melbourne property values double every 10 years has been proved a myth by new data that shows just 10 per cent of suburbs have house values twice the level of 2012. | heagney_melissa and Kate Burke
The suburbs where house prices doubled in value in 10 years were mostly on the Mornington Peninsula.The conventional wisdom that house values double every decade only proved true in one in 10 Melbourne suburbs.The ‘rule of thumb’ that Melbourne property values double every 10 years has been proved a myth by new data that shows just 10 per cent of suburbs have house values twice the level of 2012.
“I think the rule of thumb is now very dated – it’s becoming the exception rather than the rule,” Lawless said. “The reality now is that to double the value of a property over a decade you need to be doing something special by adding value, or buying at the bottom of the market.” Across Melbourne, house values jumped by 67.2 per cent over the decade despite recent market weakness, led by lifestyle properties and once-overlooked suburbs buyers turned to after being priced out of more desirable areas. The analysis excluded apartments, which traditionally have more modest growth.
Jessica and Craig Smith, and their sons Ethan and Eli, with dogs Rosie and Rufus, are selling their Coburg North home.“But it’s a really nice place to dream about having kids and it has good primary schools here. Coburg High School has been built since we bought.” “In my 20 years as an agent I’ve seen drastic change in the area – Brunswick used to be a working-class area which was less than desirable, but that’s all changed … Everything is gentrifying and changing,” he said.
“The way that COVID changed the landscape with people wanting to get away from the city and have a lifestyle change was huge,” Gollings said. “I’ve been in real estate for more than 20 years, and I’ve never seen a market that’s accelerated like that.”
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