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%.
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Here are the Greater Melbourne suburbs that joined the million dollar club.
| SA4 |
Suburb |
Median value (current) |
Median value (12m ago) |
Annual change |
Month values reached $1m |
|---|---|---|---|---|---|
| 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.
| A4 |
Suburb |
Median value (current) |
Median value (12m ago) |
Annual change |
Month values reached $1m |
|---|---|---|---|---|---|
| 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
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