Melton remains one of Melbourne’s most affordable suburbs.
The latest REIV data shows the median price of houses in the suburb fell slightly in the June quarter to $226,000.
Neighbouring suburbs Brookfield ($290,000), Kurunjang ($287,000) and Burnside ($467,500) also experienced slight falls.
But Bacchus Marsh’s median house prices jumped a whopping 19.5 per cent to $392,000, while Melton South, Taylors Hill and Hillside also increased.
Barry Plant sales executive Ned Nikolic described the housing market in Melton as “slow and steady” and encouraged buyers to jump on board while prices remained affordable.
He said the market had picked up towards the end of the 2013-14 financial year.
“It’s always a good time to buy in Melton,” Mr Nikolic said. “It’s a great place for young families to get their foot in the door, or for retirees to buy a smaller house and have some money in the bank. It’s always a great market for investors.”
Mr Nikolic said young families living in neighbouring suburbs such as Sunshine, Deer Park and St Albans were selling their homes and buying bigger ones in Melton while still being able to afford luxuries like a new car or a holiday.
Meanwhile, Melbourne house prices rose to a new record median of $658,000, with the city’s median price up 3.3 per cent in the three months to June 30.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the record median price capped off a strong year for the city’s property sector. He said that low interest rates, which had been on hold for 11 months, and strong investment had helped push up Melbourne house and apartment prices.
