Gerald Lynch
In a quarter that saw minimal house and unit price movement in Victoria, suburbs in Brimbank were among those leading house price growth.
According to the Real Estate Institute of Victoria’s (REIV) latest median prices for the quarter ending June 30, Victoria’s metropolitan house prices fell 1.5 per cent to $912,000.
Many suburbs across Brimbank held steady, however there were some fluctuations across parts of the municipality.
Keilor remained the most expensive suburb to buy a house in Brimbank, with the suburb experiencing a quarterly price increase of 5.8 per cent, raising the median house price to $1.2 million.
Closely behind, Keilor East rose by 11.2 per cent to a $1.1 million median house price, Cairlnea dropped by 2.5 per cent to $1.1 million, and Taylors Lakes jumped 7.5 per cent to reach a seven figure median at an even $1 million.
The median house prices in Hillside and Kealba also increased significantly, with the suburbs recording a quarterly price increase of 12.8 and 10.2 per cent respectively, increasing the median house price to $880,000 in Hillside and $733,000 in Kealba.
Braybrook recorded the largest drop in median house prices during the quarter, with a 14.8 per cent decrease to $1.1 million.
Closely following was Albanvale, which had a drop of 7.3 per cent to $596,000, also making it the cheapest suburb to buy a house in Brimbank.
There were 14 suburbs that recorded a rise in median value, nine that recorded a decrease in median value while another four either experienced either no change or didn’t sell enough houses for measurable data.
REIV president Jacob Caine said the market was in a good place throughout Melbourne’s west, with a mixed bag of prices.
“While overall price movement was minimal throughout the year, each suburb and town has varied greatly in performance,” he said.
“We saw pockets of high price growth across both Melbourne and regional Victoria, as well as pockets of improving affordability. The market conditions are well balanced offering great opportunities for discerning buyers and sellers.”
