THE sea change phenomenon has put some unlikely locations in Melbourne's latest real estate hotspot picks. According to the study, Gardenvale, a beach area near inner-suburban Glen Huntley, recorded the largest house price increase between June 2003 and June 2005, rising 20.54 per cent per annum.
But outside Melbourne, the report concludes that big jumps in house prices at locations such as Cape Schanck, Geelong's Lovely Banks and Waurn Ponds, Bonbeach, San Remo, Phillip Island's Sunderland Bay and Point Lonsdale are driven by the sea change trend.
All have been ranked in a PRDnationwide top 20 list of average annual growth in house prices over the past three years.
Some 14 of the top 20 suburbs are within 10km of Port Phillip Bay.
For units, 12 of the top 20 are within 10km of the day. "Many of the top performers have had some association with the water, being either close to metropolitan beaches or other parts of the bay," said Tim Storey, managing director of PRDnationwide's Melbourne corporate office.
Located less than 40km from Melbourne, Seaford and adjoining Frankston offer some of Melbourne's cheapest real estate with median prices of $249,000 and $240,000. Both are also relatively affordable compared to surrounding suburbs such as Chelsea, at $335,000, and Edithvale, where the average house price is $340,000.
Outer Seaford, and even once unfashionable Frankston, have made agent PRDnationwide's 2006 hotspot list with inclusions that recognise a Bayside renaissance in which Melburnians are moving closer to the water.
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