A dark horse outer eastern suburb is shaking off cool market conditions and going its own way as others fall behind.
Warranwood has bucked the national trend of falling house prices thanks to its family orientation and tighter development restrictions, experts say.
The leafy suburb’s median house price rose 5 per cent last year, according to latest CoreLogic data.
Only Croydon Hills, with growth of half a per cent, also recorded positive growth in Maroondah.
Jellis Craig Ringwood agent Lachlan Williams said Warranwood was insulated from price drops due to its large family demographics.
“It’s a very tightly held pocket of that area,” Mr Williams said.
“Generally people are in there for one to two decades before they leave.
“It’s also one of those suburbs that are leafy and green and you can’t really chop it up for development.”
Other reasons for Warranwood’s strong showing were proximity to schools, parklands and public transport, Mr Williams said.
“There are family homes that are really good sizes, so you get a lot of four-bedroom type homes with green outlooks,” he said.
“You just don’t get the volume of turnover — a lot of people don’t actually know about Warranwood either, but when they find it they’ll actually tag it for properties that come up.”
Mr Williams said 12 Kelly Court, Warranwood, listed with a price guide of $960,000 to $1.045 million, was another large property in the suburb.
“The house is rare in that it’s spacious with seven bedrooms,” Mr Williams said.
With treetop views surrounding the 946sq m property, the home was a clear example of the “tranquil location”, Mr Williams said.
Hocking Stuart Ringwood director Travis Milton said the suburb’s location gave it a desirable blend of traits.
“You’ve got the leafiness of Warrandyte and you’re not in the heart of Ringwood’s industrial area — you’ve got the best of both worlds,” Mr Milton said.
“It’s a pretty niche pocket and there’s not a huge amount of turnover.”
Mr Milton just completed a sale of 200 Wonga Rd, Warranwood for $1.55 million, the upper limit of the property’s price guide.
The four-bedroom mud-brick property was recently renovated with original aspects retained.