House prices in Hillside have jumped almost 20 per cent in the past three months, making it one of Melbourne’s top growth suburbs.
The median house price in Hillside rose from $505,000 in March to $600,000 (18.8 per cent) in June, new Real Estate Institute of Victoria (REIV) figures reveal.
The REIV also listed St Albans as recording significant growth. Median houses prices there rose 14.6 per cent from $462,000 in March to $529,500 in June.
Both Hillside and St Albans recorded price increases that were well above the Brimbank average of 5.9 per cent.
YPA Taylors Lakes director Nancy Crupi was not surprised by the sharp increase in Hillside prices, saying the suburb has a lot to offer.
“It’s newish and it is close to shopping centres, train stations and good schools,” she said.
“It offers value for money and newer homes.”
Ms Crupi said Hillside was popular with first-home buyers, as well as buyers looking to upgrade, as it offered diverse housing.
She said the suburb was particularly attractive to younger buyers, who had grown up in the west and were looking to move to a newer area.
Across Melbourne, the median house price rose 3.6 per cent to $725,000.
REIV chief executive Geoff White said the latest figures indicated strength in the real estate market.
He said it was a good time for vendors to list their homes.
“While fewer sellers are putting their homes on the market, prices are still extremely solid,” he said.
“The message to vendors is that the market is still bubbling along nicely – and that, given the sales results and prices, those looking to list their homes should do so prior to spring. Now is a great time to sell.”
