Is Your Suburb on the List? See Melbourne’s Biggest Home Price Winners of 2023

Is Your Suburb on the List? See Melbourne’s Biggest Home Price Winners of 2023

  10 Jan 2024

Melbourne property watchers – get ready to be surprised.

While the overall Melbourne housing market has underperformed many other state capitals in 2023, there were some suburbs that defied the odds and skyrocketed in value providing their property owners with strong capital growth.

Here’s a list of Melbourne’s top-performing suburbs provided by based on median home value growth for houses and units combined over the past 12 months.

1. Harkaway Takes the Crown

Leading the pack with a stunning 10% increase in median home value is Harkaway, a suburb located in Melbourne’s outer east.

This hidden gem has seen its property market boom, making it a prime target for families seeking a slice of the Melbourne dream.

According to Karen Dellow, a senior analyst at PropTrack,

Harkaway’s appeal comes down to its proximity to the city as well as the countryside.

Suburbs in the outer regions of the city have become more popular as workers spend less time in the office.

2. Officer South Makes a Strong Showing

Coming in a close second is Officer South, another outer-eastern suburb that has experienced a remarkable 9.7% increase in median home value.

Officer South offers a blend of rural charm and proximity to the city, making it an attractive option for those seeking a lifestyle change.

3. Glen Waverley Maintains its Momentum

No list of Melbourne’s top performers would be complete without Glen Waverley.

This established suburb in the east has long been a popular choice for families and investors, and its median home value has grown by a healthy 8.5% this year.

Glen Waverley’s combination of excellent schools, convenient amenities, and easy access to the city continues to underpin its property market strength.

Beyond the Big Three

But it’s not just the outer suburbs that are shining – there are hidden gems to be found all across Melbourne.

Here is a list of Melbourne’s top property markets for 2023:

  1. Harkaway: $1.294m — up 10%
  2. Officer South: $820,000 — up 10%
  3. Balnarring: $1.388m — up 8%
  4. Balwyn: $2.079m — up 8%
  5. Somers: $1.666m — up 8%
  6. Deepdene: $3.006m — up 8%
  7. Canterbury: $2.708m — up 8%
  8. Glen Waverley: $1.507m — up 8%
  9. Vermont South: $1.458m — up 7%
  10. Forest Hill: $1.155m — up 7%

What’s in Store for 2024?

With Melbourne’s property market defying predictions and continuing to grow, it’s no surprise that many are wondering what 2024 holds.

While there are definitely some potential bumps in the road ahead, Melbourne’s strong economic fundamentals, its lifestyle appeal, and the huge number of overseas migrants coming to live in Melbourne suggests that its property market is likely to remain resilient.

Investment-grade properties need to be your key focus

While lists of short-term capital growth like this are interesting, that doesn’t necessarily mean that any property in these locations would automatically be considered a good investment.

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