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Remember when a carton of eggs cost less than $4? Back in 2011, Julia Gillard was prime minister, Justin Bieber was touring Australia and ‘Party Rock Anthem’ was dominating the charts. House prices looked pretty different, too, with some Victorian homes now costing hundreds of thousands of dollars more than they did 15 years ago.
According to the latest ABS figures, Australia’s property market is now worth a staggering $12.7 trillion, almost triple its $4.4 trillion value in 2011. And new data from realestate.com.au has revealed the suburbs where house prices have grown the most over that period.
While NSW and Queensland dominated the national rankings, Victoria has seen some impressive growth of its own, particularly in regional towns and coastal areas.
RELATED READ: The Victorian towns where you can still buy a house for under $500k
Balnarring, on the Mornington Peninsula, was the only Victorian suburb to crack the national top ten for house price growth, with its median jumping 275 per cent since 2011. The coastal suburb has become increasingly sought-after by buyers looking for a sea change within reach of Melbs, and we get it.
Other regional Victorian hotspots have also recorded significant increases. Bright, in the state's High Country, and Myrtleford, in the Ovens Valley, both saw median house prices climb 237 per cent over the same period. Meanwhile, Euroa, in the Hume region, recorded a 204 per cent increase.
The figures reflect a broader shift towards regional living, with the pandemic, flexible working arrangements and the rising cost of city property encouraging more Australians to consider life beyond the capital.
However, not every part of Victoria has experienced the same boom. Melbourne's property market has been comparatively slower-growing in recent years, with regional areas proving particularly popular among buyers seeking more space and a different pace of life.
For those who bought into these markets back in 2011, the numbers make for impressive reading. For anyone hoping to buy their first home today, they offer another reminder of just how dramatically Australia's property market has changed.
Want to see how much house prices have changed in your suburb? You can explore the figures using realestate.com.au's interactive tool here.
The Victorian suburbs where house prices have grown the most since 2011
Balnarring, Mornington Peninsula: up 275 per cent.
Bright, High Country: up 237 per cent.
Myrtleford, Ovens Valley: up 237 per cent.
Euroa, Hume region: up 204 per cent.
Figures based on realestate.com.au data comparing median house sale prices in 2011 and 2026.
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