Property UpdateThese suburbs joined the million dollar club in Melbourne

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In 2021 we experienced a once-in-a-generation property boom that resulted in almost 400 suburbs joining the million-dollar club.

In other words, their median price was over $1 million

Based on CoreLogic data published in The Australian there were 67 Victorian suburbs where median dwelling values have risen above $1 million this year.

While Melbourne’s median property value increased by 16.3% over the last year, as you’ll see in the table below, property values in some top-performing suburbs increased by more than 30, 40, and even 50%.

A number of these were around Geelong and the Surf Coast region.

Across the sub-regions of Melbourne, the Mornington Peninsula stands out as the strongest market by some margin with housing values up 30.2% over the past year, the second-highest annual growth rate is recorded across the Outer East where values were up 19.2%.

Here are the Greater Melbourne suburbs that joined the million dollar club.

Mornington Peninsula	St Andrews Beach	$1,470,912	$928,601	58.4%	Feb-21
Mornington Peninsula	Rye	$1,194,989	$838,057	42.6%	May-21
Mornington Peninsula	Tootgarook	$1,057,968	$758,898	39.4%	Sep-21
Mornington Peninsula	Dromana	$1,022,329	$752,452	35.9%	Nov-21
Mornington Peninsula	Mccrae	$1,046,228	$791,590	32.2%
Mornington Peninsula	Frankston South	$1,110,739	$873,608	27.1%	Jun-21
Mornington Peninsula	Safety Beach	$1,161,840	$914,694	27.0%	May-21
Melbourne – Inner South	Patterson Lakes	$1,084,602	$862,953	25.7%
Melbourne – North East	Viewbank	$1,240,095	$991,029	25.1%	Feb-21
Mornington Peninsula	Mornington	$1,078,528	$865,077	24.7%
Melbourne – Outer East	Croydon Hills	$1,175,382	$942,993	24.6%
Melbourne – Inner South	Cheltenham	$1,108,529	$892,151	24.3%	May-21
Melbourne – North East	Yallambie	$1,105,210	$890,161	24.2%
Melbourne – Inner South	Heatherton	$1,106,631	$893,342	23.9%	May-21
Melbourne – Outer East	Donvale	$1,223,912	$990,882	23.5%
Melbourne – Inner South	Parkdale	$1,229,573	$995,498	23.5%
Melbourne – Inner South	Highett	$1,059,461	$861,022	23.0%	Aug-21
Melbourne – South East	Mulgrave	$1,065,323	$866,386	23.0%	Jul-21
Melbourne – North East	Wattle Glen	$1,152,981	$938,294	22.9%
Melbourne – Inner South	Chelsea Heights	$1,019,763	$830,018	22.9%	Sep-21
Melbourne – Outer East	Wantirna	$1,124,184	$915,363	22.8%	May-21
Melbourne – Outer East	Rowville	$1,067,646	$869,589	22.8%	Jul-21
Melbourne – Outer East	Scoresby	$1,031,251	$846,868	21.8%
Melbourne – Outer East	Wantirna South	$1,188,105	$981,158	21.1%	Mar-21
Mornington Peninsula	Sandhurst	$1,003,746	$829,060	21.1%	Nov-21
Melbourne – South East	Emerald	$1,035,456	$855,456	21.0%
Melbourne – North East	St Helena	$1,188,327	$985,750	20.6%	Mar-21
Melbourne – Inner South	Edithvale	$1,062,865	$884,742	20.1%
Melbourne – Outer East	Ferny Creek	$1,143,415	$955,440	19.7%
Melbourne – Outer East	Forest Hill	$1,160,732	$970,318	19.6%	Mar-21
Melbourne – Outer East	Knoxfield	$1,007,014	$842,700	19.5%	Nov-21
Melbourne – North East	Diamond Creek	$1,047,589	$876,720	19.5%	Sep-21
Melbourne – Outer East	Nunawading	$1,150,014	$963,461	19.4%	Mar-21
Melbourne – Outer East	Mount Dandenong	$1,058,470	$887,759	19.2%	Jul-21
Melbourne – Outer East	Croydon North	$1,061,523	$892,260	19.0%
Melbourne – Outer East	Kalorama	$1,031,013	$867,759	18.8%
Melbourne – West	Seddon	$1,143,052	$963,315	18.7%	Feb-21
Melbourne – Outer East	Mitcham	$1,074,269	$906,002	18.6%	May-21
Melbourne – North West	Macedon	$1,107,650	$935,628	18.4%	Feb-21
Melbourne – Outer East	Heathmont	$1,074,836	$910,383	18.1%	May-21
Melbourne – Outer East	Olinda	$1,103,920	$938,050	17.7%	May-21
Melbourne – South East	Huntingdale	$1,124,355	$959,002	17.2%
Melbourne – West	Newport	$1,077,239	$922,271	16.8%	Feb-21
Melbourne – South East	Dingley Village	$1,067,675	$914,576	16.7%	Jun-21
Melbourne – Inner East	Mont Albert	$1,153,608	$988,733	16.7%
Melbourne – Inner East	Doncaster	$1,036,008	$889,000	16.5%
Melbourne – North West	Coburg North	$1,008,962	$867,786	16.3%	Nov-21
Melbourne – Inner	Coburg	$1,153,458	$994,782	16.0%	Feb-21
Melbourne – South East	Oakleigh South	$1,075,345	$931,778	15.4%	Apr-21
Melbourne – West	Yarraville	$1,072,174	$929,372	15.4%
Melbourne – South East	Chadstone	$1,024,557	$889,847	15.1%	Jun-21
Melbourne – North West	Avondale Heights	$1,007,647	$877,987	14.8%	Nov-21
Melbourne – North West	Niddrie	$1,118,035	$976,389	14.5%
Melbourne – Outer East	Belgrave South	$1,072,086	$940,614	14.0%	May-21
Melbourne – Inner	Port Melbourne	$1,092,838	$967,476	13.0%	Dec-20
Melbourne – North West	Keilor	$1,006,920	$896,558	12.3%	Nov-21
Melbourne – West	Spotswood	$1,074,168	$974,424	10.2%

Source: CoreLogic

Here are the regional Victorian suburbs that joined the million dollar club.

Ballarat	Trentham	$1,015,465	$814,601	24.7%
Ballarat	Smythes Creek	$1,017,593	$884,733	15.0%
Geelong	Ocean Grove	$1,122,099	$831,094	35.0%	Jun-21
Geelong	Torquay	$1,285,404	$962,946	33.5%
Geelong	Queenscliff	$1,194,021	$941,318	26.8%	Jun-21
Geelong	Newtown	$1,140,413	$919,716	24.0%	May-21
Geelong	Wandana Heights	$1,005,624	$813,222	23.7%	Nov-21
Geelong	Fyansford	$1,062,229	$889,150	19.5%	Aug-21
Latrobe – Gippsland	Nyora	$1,123,242	$874,478	28.4%
Warrnambool and South West	Marengo	$1,089,208	$812,883	34.0%

Source: CoreLogic

ALSO READ: The best suburbs to invest in Melbourne in 2022

About Kate Forbes

Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
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Property UpdateThese suburbs joined the million dollar club in Melbourne

Here are the Greater Melbourne suburbs that joined the million dollar club.

Here are the regional Victorian suburbs that joined the million dollar club.

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