The Brimbank property market has slowed down in the past month, according to new data released last week.
Property data and analytics provider CoreLogic’s national home value index found property prices across Melbourne had increased in the past month by 2.1 per cent to an average median price of $717,767 by the end of February.
In Brimbank, values increased by just 1.1 per cent for the same period.
Despite the small increase, Brimbank prices still increased by 3.6 per over the past three months, 0.1 per cent more than the Melbourne increase over the same period.
It capped off a strong year for Brimbank which recorded a property price increase of 3.2 per cent for the past 12 months to February.
Across Melbourne, property prices decreased by 1.3 per cent, as a result of the COVID-19 pandemic.
In Brimbank, the biggest growth during the past 12 months was in units, which increased by 7.2 per cent to a median price of $454,222.
House prices increased by 2.2 per cent over the same time, up to a median of $647,353.
CoreLogic research director Tim Lawless said Melbourne’s west was one of the more affordable markets.
“Housing values were up 2.8 per cent across Melbourne’s outer west over the three months ending February, which was a slightly softer growth rate than the broader Melbourne average which recorded a 3.5 per cent lift in values, however the past 12 months has seen housing values rise at a faster pace than the broader Melbourne average, up 2.5 per cent,” he said.
“With a median dwelling value of $608,840, it’s also one of Melbourne’s most affordable markets.
“With first home buyers so active and flexible working arrangements becoming more popular, affordable detached housing markets around the outer fringes are in high demand.”
