The Melbourne market has been pretty stagnant with growth over the last few years. Even an art deco apartment at 9/17 Mitford St, St Kilda which sold 2 years ago for $785,000, just sold for $845,000 making very little profit when you consider paying stamp duty, agents fees, advertising and interest payments.
https://www.realestate.com.au/sold/property-apartment-vic-st+kilda-150111984
We continue to see strong competition from interstate investors for whole blocks of units. We missed out on a whole block of 12 two bedroom apartments at 12 Beavis St, Elsternwick which sold for in excess of $7 million dollars, well above our investor syndicates budget.
https://www.realestate.com.au/property/12-beavis-st-elsternwick-vic-3185/
Even though land tax has had an impact on the prices in the Mornington Peninsula suburbs like Dromana, there was still some big results in 2025. A house on a subdivided block at 19A Latrobe Parade, Dromana on a busy through road sold for a strong result of $3,620,000 after it had been on the market for well over a year.
https://www.realestate.com.au/sold/property-house-vic-dromana-146517112
There continues to be solid growth for period houses in Elwood over the long term. A house at 11 Meredith St, Elwood which first sold for $30,000 in 1975 just sold for $1,975,000. The 3 bedroom 1 bathroom property was in a great tree lined street only a few hundred metres from the Elwood beach sands.
https://www.realestate.com.au/sold/property-house-vic-elwood-150455524