Sarah Oliver
Melton South has been named as one of the top 20 suburbs in Victoria that are showing the clearest signs of price growth in the near future.
In the quarterly Well Home Loans Green Shoots Report, Melton South ranked second on the list, with the market growing 1.6 per cent to a $470,000 median asking price.
Over the past quarter, inventory levels (the ratio of properties sold to new listings) for the suburb have halved, from 9.3 to 4.6 months, while days on market have fallen from 36 to 34 days.
The 20 suburbs selected show the strongest combination of inventory levels decreasing, days on market decreasing and asking prices increasing over the past three months.
Well Home Loans chief executive Scott Spencer said the report has identified a diverse range of markets, most of which are reasonably affordable.
“The top 20 list includes 12 metro locations and eight regional locations scattered around the state. Of the 20 locations, there are 19 house markets and one unit market,” he said.
“The Well Home Loans Green Shoots Report doesn’t actively search for affordable locations, but, in a nice coincidence, most of the suburbs on this list would be accessible to the average family, with asking prices ranging from $290,000 to under $730,000.”
Mr Spencer said the report is just one piece of a larger puzzle and encouraged people to do their research and seek professional advice.
“Also, before you start attending open homes, it’s generally a good idea to get a pre-approval first,” he said.
“That way, you’ll know what your budget is and you’ll be able to move fast if you find your dream home.”