Quarterly statistics released by Real Estate Institute Victoria reveal suburbs in Melton are experiencing a surge in price whilst remaining the most affordable in Melbourne.
Four suburbs were in the top 20 highest price changes for the quarter.
This included Rockbank, with a 17.7 per cent increase taking its median price from $580,000 in March to $682,500 in June.
Hillside also experienced a significant rise of 12.8 per cent to take the median house price to $880,000.
Meanwhile, Melton ($474,500), Melton South ($481,000), Kurunjang ($490,000), Melton West ($527,500) and Brookfield ($550,000) were the top five cheapest suburbs in the city.
Despite having the second and fourth lowest median prices, Melton West and Melton South experienced a significant rise of 6.8 and 5.8 per cent respectively.
REIV chief executive Kelly Ryan said the numbers reflected “great value” for both buyers and sellers.
“It’s hugely positive. Your home is generally your biggest asset so the fact that it is continuing to appreciate at the rate that it has been … means more value is added to the house on a daily basis,” she said.
Barry Plant Melton real estate agent Ned Nikolic said the cash was flowing from outside Victoria for these properties.
“A lot of investors from interstate have tapped into the market just in the last two months so they’ve seen something before everyone else has,” he said.
Mr Nikolic said the value for money in the area was the reason for the uptick in price.
“Getting a brand-new house for under $650,000 – where else can you get that?”
Eddie Russell
