House prices have fallen by as much as 18 per cent across Brimbank in the past year, but agents say the market is showing signs of recovery.
New data from the Real Estate Institute of Victoria reveals that Sunshine was the worst-affected market in Brimbank, with the median house price falling 18 per cent from $855,000 in June, 2018, to $695,000 in June, 2019.
St Albans and Caroline Springs also recorded significant drops in median house prices.
In St Albans, the median price fell 15 per cent from $637,000 in June, 2018, to $541,000 in June this year. In Caroline Springs, the median price in June, 2019, was $540,000 – a drop of 14 per cent from June, 2018, when the median price was $630,000.
Statewide, the median house price fell six per cent from $841,000 in June, 2018, to $785,000 in June this year.
Douglas Kay agent Peter Kay said confidence was returning to the market.
He said attendances at open for inspections were up and more buyers were taking part in auctions and private sales than in previous months.
“We have seen more sales in July than we have in all other months this year,” he said.
“Speaking with other agents in Brimbank, they are feeling very positive.
“Listings are starting to come back on to the market … supply has been low. There is confidence from sellers, which translates to confidence from buyers.”
Mr Kay said changes to lending regulations and record low interest rates had combined to restore buyer confidence in the real estate market.
He said now was an ideal time for people to enter the market.
“There are that many external indicators saying it’s time to enter [the market] again,” he said.
“It will be the best time in a long time.”
