The median house price changes were a mixed bag across Melton last quarter, with some areas attracting interstate investment and others providing good opportunity for first home buyers, according to a local agent.
Real Estate Institute of Victoria (REIV) released the quarterly median housing prices, showing a sharp price rise in some Melton suburbs in this year’s third quarter.
At the top of the list was Melton West, which recorded a 15.9 per cent increase on the previous quarter, with a median price of $648,000.
This was closely followed by Kurunjang with a 15.4 per cent rise to $621,000, Melton with a 12.7 per cent increase to $556,000, Weir Views with a 11.2 per cent rise to $620,000, and Burnside with an 11 per cent rise to $921,000.
In contrast to this, Harkness recorded a drop of 5.6 per cent to $550,000, followed by Diggers Rest in second place with a 5.1 per cent drop to $645,000 and Rockbank at third with a 4.5 per cent drop to $611,000.
Taylors Hill recorded the least affordable median sale price of $1 million.
Fletchers Real Estate Melton director and auctioneer Varun Vagdhan said across the suburbs that rose in price, interstate investment was a leading factor for the change.
“The growth across Queensland and Western Australia has saturated quite a lot, and Melton offers the best growth corridor – understanding the facilities that we have, the infrastructure that was already there,” Mr Vagdhan said.
“People have now started realising that Melton’s a hidden gem.”
Mr Vagdhan said suburbs closer to High Street in Melton are attracting interest.
He said the reason for the lowering of prices across the suburbs that recorded a drop is due to there being a large supply of land and houses in those areas.
“[It is a] great opportunity for first home buyers to grab nice houses across those pockets … I have a feeling that those suburbs … will start getting the growth as well,” he said.
In Moorabool, price changes were more modest.
Blackwood recorded the biggest increase with a 5.8 per cent increase to $609,000 followed by Trentham’s 2.3 per cent increase to $993,000.
In terms of price reductions, Greendale’s lowered the most, with a 1.5 per cent drop to $838,000.
