Brimbank’s property market remained stable over spring and is on track for a strong year, according to the Real Estate Institute of Victoria (REIV).
The latest REIV figures show median house prices for the city remained relatively stable during the December quarter with mostly minor fluctuations in prices, up and down.
The biggest change was in Taylors Lakes, which recorded a 14.2 per cent price decline to post a December median of $483,500.
Many suburbs, including Sunshine, Albion, Cairnlea, Keilor, Sydenham, Delahey, Derrimut, Kings Park, Albanvale and Keilor Downs, recorded less than 30 sales over the past three months.
The figures were released the same week the Reserve Bank of Australia cut the interest rate by 0.25 percentage points to a historic low of 2.25 per cent.
Barry Plant Taylors Lakes director James Hatzimoisis said the new figures were not an accurate reflection of the Brimbank property market.
“Those figures are sometimes distorted,” Mr Hatzimoisis said.
“In reality, our figures are showing that [property] prices have increased in the past quarter across the board.
“The vast majority of homes around Taylors Lakes are selling, on average, in the early $500,000s.
“The average sale price is totally different from the median.”
Mr Hatzimoisis said established Brimbank suburbs, such as Keilor, Taylors Lakes and Keilor Downs, typically had fewer properties on the market, while newer areas, such as nearby Caroline Springs and Taylors Hill and suburbs with lots of apartments, tended to have higher numbers of sales.
“There’s a strong appetite from buyers right across the board, from first-home buyers to upgraders to investors,” Mr Hatzimoisis said.
“The problem is having enough for sale.”
REIV chief executive Enzo Raimondo also predicts a steady year of price growth.
“With interest rates at record low levels, the buoyant finish to the 2014 house sales year, with a string of big auction weekends in December, is likely to give a fillip to the coming summer and autumn selling season,” he said.
