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These suburbs joined the million dollar club in Melbourne - featured image
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These suburbs joined the million dollar club in Melbourne

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

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

About Kate Forbes is the National Director of Property Strategy at Metropole. She has 22 years of investment experience in financial markets on two continents, is qualified in multiple disciplines, and is also a Chartered Financial Analyst (CFA).
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