Revaluations have raised the average price of City of Yarra residential property by 3.86 per cent since January 2010.
The increase takes the average price to $650,000, up from $625,000. Alphington recorded the highest average growth (16.17 per cent), followed by Collingwood (8.40 per cent), Abbotsford (5.76 per cent) and Clifton Hill (5.33 per cent).
Non-residential properties increased by 3.03 per cent. The revaluation, required under state law, allows councils to allocate how much each property owner pays in rates.