Victorian house prices since 2014: country Victoria nearly doubled, inner Melbourne rose least
Between 2014 and 2024 the median house price rose 91% in country Victoria and 54% in Melbourne. Inland councils such as Moira, Wangaratta and Mildura more than doubled and were still at their highest in 2024; the coast and commuter belt peaked in 2022 and has since fallen back. Inner Melbourne rose least, by 41% to 49% in the City of Melbourne, Stonnington, Port Phillip and Yarra.
Victoria's Valuer-General publishes the median price of every house sold in the state, by year, council and suburb. We compared 2014 with 2024.
Across Victoria the median house price rose 61%, from $465,000 to $750,000. In country Victoria it rose 91%, from $300,000 to $572,000; in Melbourne, 54%, from $556,000 to $855,000. In 2014 a country house cost a little over half as much as a Melbourne one. In 2024 it cost two thirds as much.
The councils that rose most, and least
Among the 52 councils with at least 300 house sales in 2024:
| Council | 2014 | 2024 | Change |
|---|---|---|---|
| Moira | $235,000 | $515,000 | +119% |
| South Gippsland | $260,000 | $550,000 | +112% |
| Wangaratta | $254,000 | $535,000 | +111% |
| Surf Coast | $599,499 | $1,240,000 | +107% |
| Mornington Peninsula | $530,000 | $1,087,500 | +105% |
| Bass Coast | $340,000 | $685,000 | +101% |
| Mildura | $225,000 | $450,000 | +100% |
And at the other end, all in inner Melbourne:
| Council | 2014 | 2024 | Change |
|---|---|---|---|
| City of Melbourne | $915,000 | $1,290,000 | +41% |
| Stonnington | $1,566,000 | $2,265,500 | +45% |
| Port Phillip | $1,180,000 | $1,715,000 | +45% |
| Yarra | $970,000 | $1,450,000 | +49% |
| Maribyrnong | $670,000 | $1,010,000 | +51% |
| Boroondara | $1,600,000 | $2,515,000 | +57% |
The coast peaked in 2022; inland towns kept rising
The coastal and commuter council areas around Melbourne rose by 27% to 49% between 2020 and their 2022 peak, then fell back:
| Council | 2020 | Peak | 2024 | 2024 against peak |
|---|---|---|---|---|
| Surf Coast | $938,000 | $1,400,000 (2022) | $1,240,000 | −11% |
| Bass Coast | $540,000 | $772,500 (2022) | $685,000 | −11% |
| Ballarat | $440,000 | $590,000 (2022) | $530,000 | −10% |
| Mornington Peninsula | $865,000 | $1,188,500 (2022) | $1,087,500 | −8% |
| Geelong | $591,000 | $750,000 (2022) | $695,000 | −7% |
| Macedon Ranges | $695,000 | $895,000 (2022) | $830,000 | −7% |
Inland, along the Murray and in the north-east, prices did not fall back. Moira, Wangaratta, Mildura, Shepparton, Campaspe and Wodonga were all at their highest median in 2024, as were eight of Melbourne's outer and middle-ring councils, including Casey, Wyndham and Knox. Of the 52 councils, 15 set their high in 2024.
Inner Melbourne fell back too, from a smaller rise: Port Phillip's median peaked at $1,970,000 in 2021 and was $1,715,000 in 2024 (−13%).
Towns that nearly tripled
Among individual towns, the largest rises were in the cheapest places. In Ouyen, in the Mallee, the median house sold for $77,500 in 2014 and $235,000 in 2024. Dimboola went from $90,500 to $260,000, and Casterton from $99,000 to $275,000. Two tree-change towns did the same from a higher base: Bright, from $339,500 to $1,040,000, and Trentham, from $340,000 to $980,000.
The smallest rises were in inner Melbourne suburbs that were already expensive: Parkville +14% ($1,525,000 to $1,745,000), Middle Park +21% and St Kilda +24%.
How we counted
- From the Victorian Property Sales Report (Valuer-General Victoria, CC BY): the median price of houses sold in each calendar year. Units and vacant land are not included.
- A median describes the houses that sold that year, not every house. Where the mix changes, such as new estates in a growth area, the median moves with it.
- Council figures are for councils with at least 300 house sales in 2024. Town and suburb figures leave out years the Valuer-General marks as based on too few sales. Small towns sell few houses, so their medians move more from year to year.
- Prices are not adjusted for inflation. Figures for 2025 are preliminary and are not used.
Victorian suburb pages show the 10-year median price trend wherever the Valuer-General publishes one.