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$928,60158.4%Feb-21
Mornington Peninsula Rye$1,194,989$838,05742.6%May-21
Mornington Peninsula Tootgarook$1,057,968$758,89839.4%Sep-21
Mornington Peninsula Dromana$1,022,329$752,45235.9%Nov-21
Mornington Peninsula Mccrae$1,046,228$791,59032.2% 
Mornington Peninsula Frankston South$1,110,739$873,60827.1%Jun-21
Mornington Peninsula Safety Beach$1,161,840$914,69427.0%May-21
Melbourne – Inner South Patterson Lakes$1,084,602$862,95325.7% 
Melbourne – North East Viewbank$1,240,095$991,02925.1%Feb-21
Mornington Peninsula Mornington$1,078,528$865,07724.7% 
Melbourne – Outer East Croydon Hills$1,175,382$942,99324.6% 
Melbourne – Inner South Cheltenham$1,108,529$892,15124.3%May-21
Melbourne – North East Yallambie$1,105,210$890,16124.2% 
Melbourne – Inner South Heatherton$1,106,631$893,34223.9%May-21
Melbourne – Outer East Donvale$1,223,912$990,88223.5% 
Melbourne – Inner South Parkdale$1,229,573$995,49823.5% 
Melbourne – Inner South Highett$1,059,461$861,02223.0%Aug-21
Melbourne – South East Mulgrave$1,065,323$866,38623.0%Jul-21
Melbourne – North East Wattle Glen$1,152,981$938,29422.9% 
Melbourne – Inner South Chelsea Heights$1,019,763$830,01822.9%Sep-21
Melbourne – Outer East Wantirna$1,124,184$915,36322.8%May-21
Melbourne – Outer East Rowville$1,067,646$869,58922.8%Jul-21
Melbourne – Outer East Scoresby$1,031,251$846,86821.8% 
Melbourne – Outer East Wantirna South$1,188,105$981,15821.1%Mar-21
Mornington Peninsula Sandhurst$1,003,746$829,06021.1%Nov-21
Melbourne – South East Emerald$1,035,456$855,45621.0% 
Melbourne – North East St Helena$1,188,327$985,75020.6%Mar-21
Melbourne – Inner South Edithvale$1,062,865$884,74220.1% 
Melbourne – Outer East Ferny Creek$1,143,415$955,44019.7% 
Melbourne – Outer East Forest Hill$1,160,732$970,31819.6%Mar-21
Melbourne – Outer East Knoxfield$1,007,014$842,70019.5%Nov-21
Melbourne – North East Diamond Creek$1,047,589$876,72019.5%Sep-21
Melbourne – Outer East Nunawading$1,150,014$963,46119.4%Mar-21
Melbourne – Outer East Mount Dandenong$1,058,470$887,75919.2%Jul-21
Melbourne – Outer East Croydon North$1,061,523$892,26019.0% 
Melbourne – Outer East Kalorama$1,031,013$867,75918.8% 
Melbourne – West Seddon$1,143,052$963,31518.7%Feb-21
Melbourne – Outer East Mitcham$1,074,269$906,00218.6%May-21
Melbourne – North West Macedon$1,107,650$935,62818.4%Feb-21
Melbourne – Outer East Heathmont$1,074,836$910,38318.1%May-21
Melbourne – Outer East Olinda$1,103,920$938,05017.7%May-21
Melbourne – South East Huntingdale$1,124,355$959,00217.2% 
Melbourne – West Newport$1,077,239$922,27116.8%Feb-21
Melbourne – South East Dingley Village$1,067,675$914,57616.7%Jun-21
Melbourne – Inner East Mont Albert$1,153,608$988,73316.7% 
Melbourne – Inner East Doncaster$1,036,008$889,00016.5% 
Melbourne – North West Coburg North$1,008,962$867,78616.3%Nov-21
Melbourne – Inner Coburg$1,153,458$994,78216.0%Feb-21
Melbourne – South East Oakleigh South$1,075,345$931,77815.4%Apr-21
Melbourne – West Yarraville$1,072,174$929,37215.4% 
Melbourne – South East Chadstone$1,024,557$889,84715.1%Jun-21
Melbourne – North West Avondale Heights$1,007,647$877,98714.8%Nov-21
Melbourne – North West Niddrie$1,118,035$976,38914.5% 
Melbourne – Outer East Belgrave South$1,072,086$940,61414.0%May-21
Melbourne – Inner Port Melbourne$1,092,838$967,47613.0%Dec-20
Melbourne – North West Keilor$1,006,920$896,55812.3%Nov-21
Melbourne – West Spotswood$1,074,168$974,42410.2% 

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
BallaratSmythes Creek$1,017,593$884,73315.0% 
GeelongOcean Grove$1,122,099$831,09435.0%Jun-21
GeelongWandana Heights$1,005,624$813,22223.7%Nov-21
Latrobe – GippslandNyora$1,123,242$874,47828.4% 
Warrnambool and South WestMarengo$1,089,208$812,88334.0% 

Source: CoreLogic

Kate Forbes
About Kate Forbes
Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).