Brimbank’s property market suffered a slow winter quarter with a drop in sales across the board.
The latest figures from the Real Estate Institute of Victoria (REIV) show median house prices for the city remained relatively stable during the September quarter, with only minor fluctuations in price increases and decreases.
The biggest change was in Sunshine West, which recorded a 4.5 per cent price boost to an average of $408,500.
Many suburbs – including Sunshine, Albion, Ardeer, Cairnlea, Keilor, Taylors Lakes, Sydenham, Delahey, Kings Park, Albanvale and Keilor Downs – recorded fewer than 30 sales over the past three months.
REIV chief executive Enzo Raimondo said that, like Brimbank, Melbourne’s median house price had stabilised in the past quarter, but sought-after suburbs continued to increase in price.
“Price growth was variable across the city, according to buyer demand,” Mr Raimondo said.
“As buyers have been priced out of the higher-priced suburbs, they have looked for more affordable options further out [where there is] infrastructure such as schools and shopping.”
Bells Real Estate sales executive Anthony Christakakis confirmed the market slowdown in Brimbank during the September quarter, but he was confident it would regain momentum over summer.
He said Taylors Hill, Delahey, Sydenham and Taylors Lakes properties were consistently strong performers.
“It’s been slower, but things are starting to pick up again. From what I’ve seen in the past fortnight, it’s going to be a really, really good couple of months,” Mr Christakakis said.
“Out here, it’s quite affordable so we don’t have many slow periods.”
Mr Christakakis said Brimbank properties tended to sell privately, but he noted a recent increase in properties going to auction.
