Burnside Heights experienced the biggest drop in median house prices among the suburbs in Melton, according to the Real Estate Institute of Victoria’s (REIV).
The new housing market insight reported on the dwelling prices from October to December.
YPA Melton sales manager Ryan Anders said he was expected a strong result in the coming quarter.
“There’s more people coming to open [inspections], more people inquiring on properties,” he said.
“I would say this quarter shouldn’t be any downturn, and it should be starting some sort of move slightly towards the more positive sign.”
Burnside and Burnside Heights are the top two suburbs with the biggest drop in its median sales price in the Melton area.
According to the REIV , Burnside Heights’ median house price fell by 13.1 per cent, with dropping to $738,000 from $849,000.
Burnside’s prices fell by 10.3 per cent with prices dropping from $794,000 to $712,000.
Meanwhile Eynesbury and Hillside both had a significant rise in their median house prices.
Eynesbury’s median house price rose 11.4 per cent from $605,000 to $674,000.
“It has to do a lot about affordability,” Mr Anders said.
In Hillside, median house prices rose from $735,500 to $802,500, an 8.8 per cent growth.
Aintree had the slightest rise in its growth with 1.2 per cent, with growth from $730,000 to $738,500.
Meanwhile, Taylors Hill’s median house price had the smallest drop at 0.2 per cent, going from $867,000 to $865,000.
Regional areas in Moorabool like Bacchus Marsh, Darley, Maddingley, Ballan and Gordon all recorded a downturn in median house prices.
Gordon’s median house price fell the most, dropping by 13 per cent from $862,500 to $750,000.
Maddingley recorded 1.3 per cent decrease, with median sale price dropping to $619,500 from $627,500.
Despite the drop in the area, Mr Anders said there are still a lot of people moving in the fringes of Melbourne.
“A lot of people are going to that area, and that drives the prices up quite high,” he said.
