Long-term Knox homeowners are hundreds of thousands of dollars ahead despite this year’s cooling real estate market.
Wantirna South owners are the furthest in front, with the suburb’s median house price gaining a whopping 81.5 per cent or $448,000 in the past five years.
CoreLogic figures show Wantirna South’s median price soared from $550,000 in 2013 to $998,000 in September 2018.
It was followed by Scoresby, where the median house price grew 74.2 per cent or $362,000, and Bayswater, where a 73.1 per cent increase added $323,000 to the median house price.
Wantirna was up 72.7 per cent or $400,000 over the five years, Ferntree Gully gained 69.9 per cent or $304,900 and Knoxfield gained 69.1 per cent or $335,000.
Barry Plant Wantirna agent Daniel Cripps said the data showed property should be seen as a long-term game.
“It’s something you buy and hold, that’s how real estate works” he said.
He said the shift in market conditions in 2018 should not be cause for alarm.
“Real estate is meant to double in value every 10 years, but what happened is a few years ago we had this market burst and prices went up exponentially,” he said.
“Now what we’re seeing is the market is starting to correct but it’s not a bad or declining market, we are just coming back to where we should be, to a normal market.”
The Basin and Lysterfield posted the lowest five-year growth at 52.2 per cent or $225,500 and 51.1 per cent or $350,000 respectively, the CoreLogic figures show.
The data shows growth was more subdued in the 12 months to September, ranging from 9.5 per cent in Lysterfield to 1.3 per cent in Bayswater. Scoreby’s median house price did not change and Knoxfield’s dipped 1.9 per cent.
The impact of Melbourne’s overall market slowdown can be seen in the three months to September, with median prices down in all but The Basin, where growth was a meagre 0.8 per cent, and Upper Ferntree Gully, where the median price was unchanged.
The September quarter falls ranged from 0.7 per cent in Wantirna South to 4.9 per cent in Bayswater.
KNOX BY NUMBERS — FIVE YEAR GAINS
Wantirna South: up 81.5 per cent from $550,000 to $998,000 — gain of $448,000
Scoresby: up 74.2 per cent from $488,000 to $850,000 — gain of $362,000
Bayswater: up 73.1 per cent from $442,000 to $765,000 — gain of $323,000
Wantirna: up 72.7 per cent from $550,000 to $950,000 — gain of $400,000
Ferntree Gully: up 69.9 per cent from $436,100 to $741,000 — gain of $304,900
Knoxfield: up 69.1 per cent from $485,000 to $820,000 — gain of $335,000
Boronia: up 67.1 per cent from $448,750 to $750,000 — gain of $301,250
Upper Ferntree Gully: up 59.5 per cent from $432,500 to $690,000 — gain of $257,500
Rowville: up 55 per cent from $558,000 to $865,000 — gain of $307,000
The Basin: up 52.5 per cent from $429,500 to $655,000 — gain of $225,500
Lysterfield: up 51.1 per cent from $685,000 to $1.035 million — gain of $350,000