By Olivia Condous
While Melbourne property sale prices are trending down overall, one Melton suburb is smashing the metro average by a mile.
The latest quarterly data from the Real Estate Institute of Victoria (REIV) showed the median house sale price for the area decreased by 2.9 per cent in the second quarter of this year, following a 3.7 per cent increase in the first quarter.
Despite this, the suburb of Caroline Springs has seen a huge growth in median property sale price over the last quarter with a 9.7 per cent increase.
The suburb of Melton has also seen median property sale prices continue to grow, with the suburb of Melton recording a 2.4 per cent increase, following a 3.7 per cent increase in the previous quarter.
The jump in property sale prices for Caroline Springs comes after the suburb recorded a 7.2 per cent drop in the previous quarter.
According to the REIV, the median property sale price in the suburb is $851,000, only $150,000 cheaper than the average sale price for the Melbourne metropolitan area.
Caroline Springs has seen a whopping 25 per cent increase in property sale prices over the last 12 months.
The REIV report revealed houses in Melbourne’s outer suburbs have reached their highest ever quarterly median price, but some pockets such as Melton South, were among the most affordable areas with a median sale price of $510,575.
Professionals Real Estate Caroline Springs director Nader Iskander said overall the western corridor of Melbourne was faring significantly better than the more expensive eastern suburbs.
“It’s an affordable price range for many buyers, that especially helps first home buyers by providing a good alternative,” Mr Nader said.
“The number of buyers may be a little bit less at the moment, as people are a little bit more concerned about spending than before.”
