Units in Monash recorded the most impressive price growth in 2018 as first-home buyers and students flocked to the bustling area.
The once-sleepy suburb of Mulgrave proved the municipality’s top performer, with unit price growth of 16.8 per cent and house price growth of 1.3 per cent, CoreLogic records show.
Mulgrave’s affordability spurred on demand, as it remained the only suburb in Monash to have a median house price less than $1 million, Ray White Glen Waverley agent Marc Lum said.
But Mr Lum said price growth was bound to happen in Mulgrave, even in a softening market.
“Mulgrave has consistently grown in recent years regardless of market movements,” he said.
“Buyers can see a lot of potential in the location because it’s still affordable and has a lot of room to grow.”
Unit prices in Wheelers Hill also soared to new heights, with median price growth of 15.3 per cent to $845,000, according to CoreLogic. The median house price also increased 1.5 per cent to $1.15 million.
Harcourts Judd White director Dexter Prack said affordability had helped boost the market.
“Even some first-home buyers have come back to Glen Waverley and Wheelers Hill as property prices became more affordable this year,” he said.
“There are parts of Wheelers Hill with properties for less than $1 million.”
University hub Clayton had unit price growth of 12.3 per cent, upping the median to $578,250.
Homes in Notting Hill had the highest median price growth for houses, with an increase of 6.6 per cent. The growth pushed the suburb’s median house price into seven-figure territory, to $1,024,111.
Renovations to Chadstone shopping centre also increased activity in the area, Buxton Mt Waverley’s Rohan Cleary said.
CoreLogic shows median unit prices increased in Chadstone by 3.6 per cent to $720,000.
“We believe Chadstone’s extension will be attracting more buyers to the area … and it has great options when it comes to transport and shopping facilities,” Mr Cleary said.
Oakleigh stood out over the past five years, with the highest increase in median house price at 88.6 per cent.
Mr Cleary said the sale of 2 Allen St in Oakleigh for $2.92 million broke the suburb’s house price record.
“It offered period style, plus renovated and extended accommodation on a double block, in one of Oakleigh’s most tightly held pockets,” he said.