Kew Tops Survey as Best Performing Melbourne Suburb This Year, and Last Five Years
The figures collate sales results to the end of July 2008, and include two quarters of boom like conditions at the end of last year, and two quarters of subdued or even negative growth for the first six months of this year.
Kew was one of two eastern suburbs to appear in the Top Ten best performers for the year. The other suburb was Burwood – where Toorak Road becomes Burwood Highway – which was Melbourne’s tenth best performer. Median values in Burwood increased 34.2 per cent for the year, to average $691,000.
Melbourne’s western suburbs also performed strongly, with Braybrook, Maidstone, Altona NOrth, Flemington and Sunshine all appearing in the list of Top Ten performers. Niddrie, north-west of the CBD, was the third best performing suburb in Melbourne for the year, according to the REIV.
Below is a list of Melbourne’s Top Ten best performing suburbs for the year, with values, to July 2008.
1. Kew (median of $1.495m; annual median value increase of 44.8 per cent)
2. Braybrook ($350,000; 41.7 per cent)
3. Niddrie ($595,000; 40 per cent)
4. Maidstone ($435,000; 38 per cent)
5. Albert Park ($1.1475m; 37.2 per cent)
6. Altona North ($415,000; 37 per cent)
7. Mentone ($750,000; 36.4 per cent)
8. Flemington ($585,000; 35.6 per cent)
9. Sunshine ($344;500; 35.1 per cent)
10. Burwood ($691,000; 34.2 per cent)
