‘Very tightly held’: The best-performing prestige suburb in Melbourne
Middle Park has taken the title of Melbourne’s best-performing suburb with a median house price above $2 million for 2024, according to Domain data.
For those who live there, this is no surprise. The suburb oozes charm, the streets are lined with heritage homes, and it’s less than five kilometres from the CBD.
The Middle Park market is very competitive due to its smaller footprint and sought-after property types.Credit: Marshall White
But in a year where the median house price of its fellow prestige suburbs fell by as much as 26.4 per cent, how did Middle Park secure a 4 per cent gain, taking its median house price to $2,583,500?
The suburb’s pocket-sized footprint is one contributing factor, with tight supply and high demand resulting in a very competitive market. If you’re interested in buying property in Middle Park, you don’t walk – you run.
Ben Manolitsas of Marshall White Port Phillip says he has met hopeful house hunters who have waited two years to call it home.
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“When you look at Middle Park compared to other suburbs, it’s a small footprint,” he says. “When you look at how many homes are available at any one time in the space of a year, it would be significantly less than a Malvern, Toorak or Armadale. And, historically, it’s very tightly held.”
In 2024, according to the latest Domain House Price Report, the median house price dropped by 26.4 per cent to $4.2 million in Toorak and by 12.4 per cent to $2.19 million in Armadale.
The report also shows that many buyers from Melbourne’s eastern suburbs are relocating to Middle Park.
