Derrimut home owners could be sitting on a gold mine, with new research revealing house prices in the suburb have increased by the highest percentage in the country in the past decade.
According to CoreLogic research, house prices in Derrimut have increased by 257.9 per cent since 2008, with the current median house price in the suburb, $656,195, dwarfing the average 10 years ago of $183,352.
The increase was significantly more than the 153.9 per cent increase experienced by Victoria’s second biggest riser, Ashburton, and also well above the suburb with the second biggest increase nationally, western Sydney’s Strathfield (up 172.6 per cent).
Houses in Ardeer (145.1 per cent increase), Burnside Heights (139.9 per cent) and Keilor East (136.2 per cent) were all in the top 10 improvers for Victoria.
First National Deer Park director Joe Borg said the Derrimut increase was profound.
“Derrimut is outdoing the rest of the suburbs around it, that much is very clear,” Mr Borg said.
“There’s accessibility there in terms of access to the freeway, closeness to the airport and still pretty close to the city, which does make it an attractive option to buy.
“It’s still a fairly young suburb … with areas like Cairnlea pretty full, it’s no wonder more people look to Derrimut to buy, which will always push prices up.”
Mr Borg said there was a mix of families, developers and investors buying in the suburb, with a high number of overseas buyers helping to drive prices up.
“There’s a lot of overseas buyers, particularly from Asia and the Middle East, and the number of investor buyers has really increased in the past 10 years,” he said.
“The growth in the area has been huge … even with the market having a small dip, the results in Derrimut have been strong.
“I’d expect prices in the area to continue to rise for some time yet.”
