By Laura Michell
Melbourne’s outer suburbs, including those in Melton, are leading the growth in house prices, new Real Estate Institute of Victoria (REIV) data reveals.
Median house prices in outer Melbourne increased in the three months to September 30, marking the third consecutive quarterly increase in the outer suburbs, the REIV said.
While REIV data shows Deanside recorded a 5.8 per cent increase in the median house price over the 12 months to September, to reach $668,000, Burnside Heights led the charge in quarterly price growth.
The suburb recorded an increase of 12.5 per cent between June and September, taking the median house price to $849,000.
Burnside also recorded strong quarterly price growth, according to the REIV data. The suburb’s median price rose 8.7 per cent to $788,000.
Another standout suburb for the quarter was Melton South, where the median price increased by 4.8 per cent increase to reach $505,000.
Harkness recorded a 2.7 per cent increase to reach a median price of $580,000, while the median price rose by 2.6 per cent in Fraser Rise ($729,000) and by 2.5 per cent in Kurunjang ($545,000).
In comparison, the metropolitan housing market recorded little growth in the September quarter.
According to the REIV, the median house price in metropolitan Melbourne rose by just 0.1 per cent during this period to reach $916,000.
The median house price in all suburbs across Melton and Moorabool remains lower the metropolitan median, according to the REIV.
REIV chief executive Kelly Ryan said there were lots of positive signs in outer Melbourne.
“The growth in median apartment and unit prices for outer Melbourne coupled with extremely strong sales volumes highlights the opportunities that exist in the area for homeowners and investors,” Ms Ryan said.
“Access to schools, transport, amenities and other lifestyle convenience factors are helping to ensure the long-term trend of outer Melbourne looks positive for the future.”
