Liam McNally
House prices in the Melton-Moorabool region went through a mix of fluctuations in the last financial quarte, according to the latest data from the Real Estate Institute of Victoria (REIV), with certain suburbs increasing by more than 13 per cent, and others dropping by 15 per cdent.
Median house prices in Melbourne dropped by 1.1 per cent to $937,500. The Melton suburb saw the same percentage drop, but a $455,000 median price made it the most affordable in the local area.
Taylors Hill was the most expensive suburb in the area, with house prices climbing 5.6 per cent to $927,000.
The biggest increase was for 13.8 per cent for Thornhill Park, followed by Caroline Springs with 9.4 per cent, landing on median prices of $660,000 and $755,000 respectively.
Ballan was an outlier for price drops, with the median price falling by 15.8 per cent to $598,000.
YPA Estate Agents Melton sales manager Ryan Anders said within suburbs in the region, there’s still such a variety of homes it can be difficult to pinpoint where the median changes are coming from.
“Overall the market is better, people are coming to Melton for affordability and it’s having a flow on effect which is fantastic,” he said.
“The prices are starting to get stronger, we’ve gone from properties underachieving on what we expected whereas now they’re achieving what they set out to which is nice.”
Mr Anders said it’s normal to see areas closer to the city like Caroline Springs performing strongly, but he was surprised about REIV recording a big jump for Thornhill Park.
Mr Anders said the jump in median for Thornhill Park may be due to land release sales from 18 to 24 months ago just getting settled now, reflecting an older market.
“In my experience not as many buyers are trying to buy those houses at the moment …Thornhill Park properties sit on the market for longer because logistically it isn’t ready for a lot of people,” he said.
