By Olivia Condous
House prices in Melton are showing no sign of slowing down as the area continues to attract keen buyers.
The latest quarterly data from the Real Estate Institute of Victoria (REIV) showed that the median house sale price for the area increased by 3.7 per cent in the first quarter of this year.
The current median price in Melton is $496,000, which is significantly more affordable than the average metropolitan price for Melbourne of $1.12 million.
Melton had a 14 per cent increase in the median house sale over the past year.
Ryder Real Estate Melton managing direction Kirsteen Ryder said the area had seen price rises from week to week since last November.
“There’s a lot of buyer activity, I can’t see prices falling in Melton,” Ms Ryder said.
Ms Ryder said the median sale price in the area was influenced by the wide variety of properties available, from older homes to new million-dollar houses.
“There’s still potential for more growth as there’s a lot of buyer demand, we’ve got a huge market for first home buyers and investors,” she said.
“We’re still seeing properties sell within 24 hours, we had one the other weekend that sold within 15 hours of being on the market.”
The Melton median housing price reached a peak in the third quarter of 2021 with a large increase to $535,000, but dropped back down in the following quarter.
Despite this fluctuation, Ms Ryder was certain the Melton market was now stable.
“The property market in Melton will stabilize, it definitely won’t drop.”
REIV president Adam Docking said the new data showed the metropolitan housing market was stabilising but the fundamentals remained solid.
“The Victorian residential market has recorded strong growth for over 2 years and as supply catches up with demand, we can expect to see a steadier period” said Mr Docking.
