Unveiling top VIC Suburbs with the most Median Land Price Increases Pre and Post-COVID

In real estate, the tide of property prices often ebbs and flows in response to economic shifts and societal changes. The years leading up to and following the COVID-19 pandemic have brought about seismic changes in property values across various suburbs in Victoria. While some areas experienced declines in their median land prices, others have showcased remarkable resilience and impressive growth. In this article, we dive into the suburbs that have witnessed the most astonishing median land price increases, both before and after the pandemic.

Suburban Success Stories: Median Land Price Increases

1. Sorrento: Leading the pack is Sorrento, where median land prices surged by a staggering $960,000. From $790,000 in 2019 to an impressive $1,750,000 in 2022, Sorrento has solidified its reputation as a coastal paradise, attracting buyers seeking premium living experiences.

2. Blairgowrie: Blairgowrie emerges as another standout, with a remarkable increase of $831,500. Climbing from $577,500 in 2019 to $1,409,000 in 2022, Blairgowrie's appeal lies in its picturesque coastal charm and proximity to urban centers.

3. Yarraville: Positioned for urban convenience, Yarraville has experienced a substantial increase of $723,500. With median land prices rising from $510,500 in 2019 to $1,234,000 in 2022, Yarraville highlights the allure of inner-city living.

Navigating Challenges: Suburbs with Median Land Price Decreases

1. Eltham: While some suburbs thrived, Eltham encountered a decrease in median land prices by $337,500. Moving from $950,000 in 2019 to $612,500 in 2022, Eltham's unique character remains intact despite the shift.

2. Cairnlea: Cairnlea saw a decrease of $312,500 in median land prices, transitioning from $642,500 in 2019 to $330,000 in 2022. However, Cairnlea's community spirit and amenities continue to attract residents.

3. Grovedale: Grovedale experienced a decrease of $122,500 in median land prices, from $322,500 in 2019 to $200,000 in 2022. The suburb's potential for recovery remains an encouraging factor for homeowners and investors alike.

Most of the suburbs with the most significant median land price increase are located in desirable seaside locations, which is likely one of the reasons for their high land prices. Other factors that may have contributed to the price increases include the increasing popularity of working from home, which has made these suburbs more attractive to buyers who are looking for a relaxed lifestyle.

On the other hand, suburbs with the most significant median land price decrease are located in more affordable areas, which may have made them more vulnerable to price decreases during the pandemic. Other factors that may have contributed to the price decreases include the rising cost of living and the increasing availability of work-from-home opportunities, which has made people less willing to pay a premium for a close commute.

While some suburbs basked in growth, others faced challenges in their property markets. These fluctuations emphasise the importance of staying informed and adaptable in a shifting real estate landscape. The stories of these suburbs offer valuable insights for both investors and homeowners looking to navigate the factors that influence suburban property values.

Check out the full list below:

Here are the top 10 VIC suburbs with the most significant median land price increase from 2019 to 2022:

1. Sorrento: Increase of $960,000 (from $790,000 in 2019 to $1,750,000 in 2022)
2. Blairgowrie: Increase of $831,500 (from $577,500 in 2019 to $1,409,000 in 2022)
3. Yarraville: Increase of $723,500 (from $510,500 in 2019 to $1,234,000 in 2022)
4. Safety Beach: Increase of $640,000 (from $420,000 in 2019 to $1,060,000 in 2022)
5. Mount Martha: Increase of $512,500 (from $802,500 in 2019 to $1,315,000 in 2022)
6. Altona North: Increase of $495,000 (from $440,000 in 2019 to $935,000 in 2022)
7. Point Lonsdale: Increase of $466,500 (from $397,000 in 2019 to $863,500 in 2022)
8. Connewarre: Increase of $465,000 (from $545,000 in 2019 to $1,010,000 in 2022)
9. Cape Paterson: Increase of $447,500 (from $250,000 in 2019 to $697,500 in 2022)
10. Newlands Arm: Increase of $430,000 (from $120,000 in 2019 to $550,000 in 2022)

Here are the top 10 VIC suburbs with the most significant median land price decrease from 2019 to 2022:

1. Eltham: Decrease of $337,500 (from $950,000 in 2019 to $612,500 in 2022)
2. Cairnlea: Decrease of $312,500 (from $642,500 in 2019 to $330,000 in 2022)
3. Grovedale: Decrease of $122,500 (from $322,500 in 2019 to $200,000 in 2022)
4. Cranbourne South: Decrease of $89,500 (from $325,000 in 2019 to $235,500 in 2022)
5. Thomastown: Decrease of $84,000 (from $450,000 in 2019 to $366,000 in 2022)
6. Tatura: Decrease of $77,500 (from $152,500 in 2019 to $75,000 in 2022)
7. Miners Rest: Decrease of $76,000 (from $156,000 in 2019 to $80,000 in 2022)
8. Tyabb: Decrease of $75,000 (from $540,000 in 2019 to $465,000 in 2022)
9. Cranbourne West: Decrease of $72,500 (from $242,500 in 2019 to $170,000 in 2022)
10. Sunshine North: Decrease of $72,500 (from $662,500 in 2019 to $590,000 in 2022)