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.
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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