Home owners in more than 40 local suburbs and towns are set to see their property values soar by more than $100,000 over the next two years, with some on the verge of joining the million-dollar club.
New data from KPMG and PropTrack predicts the median price in 68 Melbourne suburbs will pass $1m by the middle of 2025, thanks to a range of factors including an ongoing shortage of supply.
Eleven suburbs and towns in the Geelong region are tipped to either pass, or move to within striking distance of, the magic million over the same period.
Some of the biggest gains are forecast to occur in areas such as Lara (+$264,000), Bannockburn ($124,000), East Geelong ($144,000) and Geelong West ($150,000).
Jan Juc could grow by a whopping $344,000 if the forecasts hold true while Lorne’s median price could leap by $340,000. Manifold Heights is tipped to increase by $340,000.
The data suggests even the lower end of the market will make significant gains – Corio is predicted to surge by $93,000 while the Norlane could improve by $81,000.
David Grey, from Geelong-based Buxton Real Estate, said some local areas have always attracted high prices, but the new data is eye-opening.
“They’ve always been big numbers, but to have 11 (around the million dollar median) is great for our region, although probably not too surprising after what we’ve seen in the market over the last couple of years.”
He said there were similarities to the price growth seen during the COVID-19 pandemic.
“Those circumstances were quite unique. People were buying and selling in a two year window and all they did was a coat of paint, or cleaned or straightened up a fence.
“It certainly reads as if you could get in and out and make a quick little profit.”
Whitford Properties’ Callum McDonald said the boom in local infrastructure would help maintain the momentum.
“With the Geelong Framework Plan being released, there’s big developers pouring money into the area,” he told Geelong Broadcasters.
“The hotels, the convention centre that’s going up, it’s only going to create more attraction to the area.”
Now and then: your suburb’s outlook for the next two years
| Suburb | Median 2023 (k) | Median 2025 (k) |
| Armstrong Creek | 694 | 815 |
| Bannockburn | 757 | 884 |
| Bell Park | 618 | 726 |
| Bell Post Hill | 624 | 733 |
| Belmont | 703 | 826 |
| Charlemont | 640 | 752 |
| Clifton Springs | 690 | 811 |
| Corio | 470 | 563 |
| Curlewis | 689 | 810 |
| East Geelong | 824 | 968 |
| Hamlyn Heights | 717 | 842 |
| Herne Hill | 722 | 848 |
| Geelong | 895 | 1,045 |
| Geelong West | 855 | 1,005 |
| Hoppers Crossing | 626 | 736 |
| Indented Head | 795 | 934 |
| Jan Juc | 1.146 | 1,720 |
| Lara | 676 | 934 |
| Leopold | 684 | 804 |
| Lorne | 1,970 | 2,310 |
| Lovely Banks | 732 | 860 |
| Manifold Heights | 969 | 1,310 |
| Manor Lakes | 662 | 777 |
| Marshall | 640 | 752 |
| Mount Duneed | 730 | 858 |
| Newcomb | 590 | 693 |
| Newtown | 1,130 | 1,320 |
| Norlane | 465 | 546 |
| North Geelong | 608 | 715 |
| Ocean Grove | 1,030 | 1,210 |
| Point Cook | 792 | 930 |
| Queenscliff | 1,530 | 1,790 |
| St Leonards | 751 | 883 |
| Tarneit | 666 | 782 |
| Torquay | 1,270 | 1,490 |
| Truganina | 674 | 792 |
| Wandana Heights | 1,020 | 1,200 |
| Waurn Ponds | 790 | 929 |
| Werribee | 617 | 725 |
| Werribee South | 793 | 931 |
| Whittington | 515 | 605 |
| Williams Landing | 787 | 925 |
