A pandemic property boom helped a handful of Victorian suburbs double their typical house price in five years or less in one of the fastest home value rises on record.
PropTrack’s director of economic research Cameron Kusher said nationally, prices had increased by about 32 per cent since the beginning of the pandemic, and in certain areas, increases had been much greater than that.“But there was a lot of desire for people to be buying properties down on the Mornington Peninsula that pushed prices up significantly.
The Mornington Peninsula has also been a hotspot for units as well, with median unit prices in Crib Point and Capel Sound doubling from $270,000 and $340,000 to $540,000 and $681,000 respectively across the past eight years. “ push wider because they get more value, but then that increases the median price in those suburbs,” Mr Calcedo said.
Similarly, units in San Remo and Cowes rose from $330,000 and $302,500 to $660,000 and $605,000 today.Bay and Island views from the open-planing living space.Garth Lisle Property Consultants’ director Scott Lethbridge said San Remo was a sleeping giant before Covid hit and people decided to buy regionally to get out of Melbourne’s CBD.
However, Mr Lethbridge said prices had come back between 10 to 15 per cent as a result of inflation and interest rate rises hitting hip pockets recently.
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