Melton West property has recorded the biggest price rise across the City of Melton in the past month, according to the latest REIV data.
Figures show the median price of Melton West homes jumped 4.9 per cent, from $293,000 to $307,500, between April and May.
Hillside also showed a slight increase, while Melton dropped by almost 5 per cent, from $233,000 to $222,000.
Sweeney Estate Agents director Garry Gale said the Melton property market was a “steady ship” and hadn’t shown much change in the past 12 months.
He said despite recent media reports, house prices would not soar in the short term in the rapidly growing area.
“I think we’ll see it this way for a lot longer,” Mr Gale said.
“Melton is a very price-sensitive market. If the house is priced correctly it will sell, but it may take a couple of weeks.”
He said there was a significant difference in house prices in neighbouring
suburbs such as Caroline Springs and Sydenham.
“It’s funny that you can sell so quickly 10 minutes down the road,” he said.
“For example, a house in Caroline Springs or Sydenham will get a lot of people walking through and a couple of offers within a five-day period.
“But it takes a couple of weeks for people to go through a house in Melton and then another couple of weeks to get an offer.”
