New data shows Melbourne’s coastal suburbs and regional towns are dominating the top spots for house price growth.
According to data from Real Estate Institute of Victoria’s March quarterly report, the top three suburbs for annual median house price growth are in the Mornington Peninsula region.
The suburb of Rye led the house price growth with a 48% annual increase, bringing the median cost of a home in the seaside suburb to $1,195,000.
Mount Martha saw a 34% annual increase taking its median house price up to $1,870,000, while neighbouring Rosebud grew 32% to $851,121.
Median property prices
| Mar-22 Quarter Prices | Quarterly/Annual Change | |
| Metropolitan Melbourne House | $1,121,500 | -0.3% / +18% |
| Metropolitan Unit & Apartment | $684,000 | -0.9% / +6.2% |
| Regional Victoria House | $625,000 | +3.8% / +26.7% |
| Regional Victoria Unit & Apartment | $418,500 | +1.9% / +16.5% |
Source: REIV
REIV President Adam Docking said the metropolitan housing market is stabilising.
"The Victorian residential market has recorded strong growth for over two years and as supply catches up with demand, we can expect to see a steadier period," he said.
“The data reflects the theme of ongoing migration to the regions, as we see more Melburnians seeking out a scenery change in coastal towns and regional cities."
Mr Docking also pushed for a review into property taxes as property prices in metro Melbourne stabilise.
King of the North
Despite regional Victoria's strong annual growth, it pales in comparison to the growth seen in some coastal suburbs in Queensland.
According to Domain House Price report data, Mermaid Beach on the Gold Coast saw a 42.6% hike in the median house price to $2.375 million in December 2021.
This places it as the second most expensive suburb in the state behind Sunshine Beach in the Noosa area, which saw its median house price rise to almost $3 million according to Domain.
Over the past 12 months, median house prices in Gold Coast suburb Paradise Waters climbed 58.3% to $1.9 million.
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