HOUSE prices in Monash have skyrocketed in the past decade, with some suburbs recording increases of more than 200 per cent.
The Valuer-General’s report A Guide to Property Values 2007 reveals a sharp increase in median house prices between 1997-2007, particularly in Huntingdale (up 316 per cent), Ashwood (up 276 per cent), Oakleigh (up 265 per cent) and MtWaverley (up 258 per cent).
Wheelers Hill houses, which were the most expensive in 1997, were the slowest to appreciate (up 133 per cent).
Burwood, Mt Waverley, Glen Waverley and Huntingdale house prices have overtaken median values in Wheelers Hill. Real Estate Institute of Victoria chief executive officer Enzo Raimondo said while there had been some quieter periods, there had also been strong periods of appreciation, particularly around 2000 and last year.
“The really remarkable thing about the long-term growth figures is that they show not just in the middle eastern suburbs but right across Melbourne. It shows that if you do hold on to your property for some time … you won’t lose value.”
Valuer-General Robert Marsh said that for the past 10 years Victoria’s house prices had continued to grow, with the state’s median house price rising from $127,000 to $322,000.
But the past 12 months had seen some stabilisation in the market, he said.