House prices in Melton largely held above the drop greater Melbourne experienced in the last financial quarter, however there were some larger fluctuations in the municipality’s eastern suburbs.
The latest data from the Real Estate Institute of Victoria (REIV), said greater Melbourne experienced a 2.2 per cent drop in median house prices, but only six of 31 suburbs in Melton dropped by this amount or more.
There were 11 suburbs that recorded a rise in median value, while another 10 either experienced either no change or didn’t sell enough houses for measurable data.
Taylors Hill was the most expensive suburb to buy a house in Melton, and it also experienced the biggest median price rise, jumping 15 per cent to $960,000.
Taylors Hill is the only suburb in Melton to be more expensive than Melbourne’s median of $909,000.
Just next door to Taylors Hill, Burnside Heights saw the largest drop in median house prices, falling by 10.4 per cent to $686,000.
The Melton suburb rose by 2.2 per cent, but remained the cheapest suburb to buy a house in the municipality with a median price of $480,000.
YPA Estate Agents Caroline Springs sales consultant Andrew Migliorisi said it’s good the market is still accelerating in Melton.
“This corridor is affordable buying – you get a lot of house for your money,” he said. “We’re seeing new suburbs pop up and being developed and attract new buyers to come over this way, but we’re also experiencing a little bit of a lack of supply which is keeping those house prices steady, there’s not really a flood of properties for sale.
Mr Migliorisi said Taylors Hill has always been a “hotspot”.
“The land is bigger than the newer suburbs around… which might contribute. Fraser Rise, for example, you get big-house-small-block, while Taylors Hill is big house on big block,” he said.
Mr Migliorisi said that in his experience, not a lot of houses were sold in Burnside Heights, so the price slump may be coming from a small data pool, however, another contributor may also be that houses were being sold while they were leased, which reduces competition.
