Family ties, EastLink and attractive amenities have all been raised as reasons Manningham suburbs dominated a list of Melbourne’s biggest money-making markets of the past decade.
Doncaster East, Doncaster, Templestowe Lower and Bulleen all featured in the top 10 for annual median house price gains since 2010, compiled by CoreLogic and Property Investment Professionals of Australia.
The “south” part of Doncaster East — which recorded annual median house price growth of 7.8 per cent — was only outshone by developing outer-western area Rockbank-Mt Cottrell.
The “north” section of the suburb recorded 7.5 per cent growth to round out the top three.
Doncaster, Templestowe Lower and Bulleen also joined the million-dollar club off the bank of stellar annual rises since 2010, all recording annual increases of around 7 per cent.
Metropolitan Melbourne’s average annual growth rate was 4.9 per cent.
Barry Plant Doncaster East director Mark Di Giulio said the introduction of EastLink, easily accessible amenities and highly sought-after schools had contributed to the region’s strong showing over the period.
“I do think the peak growth we’ve already seen, and it will be sustained growth over the next five years.”
Despite the surge in prices, Mr Di Giulio said locals rarely left the area, with young buyers often helped out by the bank of mum and dad to secure nearby properties.
“A lot of that has to do with the family unit — the fabric of Manningham is based on that,” he said. “And the new migrants coming to Manningham … their morals and values are very similar.”
Mr Di Giulio pointed to the March 2 sale of 5/63 Manningham Rd, Bulleen as an example of the family-first mentality.
A young buyer picked up the two-bedroom property for $540,000 in a private sale after it passed in at the February 29 auction.
“They didn’t attend the auction because they thought it would be too heated, they called Saturday afternoon and it sold (Monday) morning,” Mr Di Giulio said. “They’re close to mum and dad in Doncaster … that sort of thing happens so often.”
A whopping eight family bidders launched a two-storey brick house in Bulleen to a sale $277,000 above reserve.
The hammer fell at $1.547 million for 30 Yarra Valley Blvd, with two groups going toe-to-toe in the final stages.
Two brothers sold the Blackburn family home they grew up in for a $145,000 premium at an emotional February 29 auction.
The three-bedroom house at 2 Pope Rd fetched $1.335 million after bidding from three family groups.
Woodards Blackburn agent Rachel Waters said the brothers were raised between the well-maintained weatherboard home and the Bell Street Park the property overlooks.
“They’ve grown up there so it was quite an emotional affair for them,” Ms Waters said. “They’re heartbroken to let go of the property but they were very comfortable it went to a nice couple.”
The buyers plan to build a new family home on the 623sq m site.
“We didn’t have a huge depth of interest earlier on, so while I was confident it was going to sell due to the location, we weren’t really sure what was going to happen.”
Ms Waters said the local market had remained consistent in the face of a recent stock market crash.
“We’re not always getting completely inundated with buyers but, by the same token, every property has a buyer,” she said.
Jack Boronovskis, realestate.com.au, 2 March 2020
Northern Territory News, 2 March 2020
Gold Coast Bulletin, 2 March 2020
Cairns Post, 2 March 2020
Daily Telegraph Australia, 2 March 2020
Geelong Advertiser, 2 March 2020
Townsville Bulletin, 2 March 2020
The Mercury, 2 March 2020