Brimbank suburbs have recorded fluctuating house prices, with some continuing to grow steadily and others experiencing double-digit drops.
The latest data from the Real Estate Institute of Victoria (REIV), shows affordability across the municipality has improved slightly with prices falling in nearly a dozen suburbs.
This trend mimics prices in greater Melbourne, which dropped by 2.1 per cent.
In other parts of Brimbank, suburbs like Keilor Park, and Sunshine West recorded a rise in median value, holding firmly at $848,000 and $698,000 respectively.
Overall, Keilor is the most expensive suburb to buy a house in Brimbank, despite one of the biggest drops in the area of 11.9 per cent, with the median price currently $1 million.
Across the board, REIV data showed strong demand for houses in the Brimbank region with 511 reported sales in 2024.
Other than house prices, units in Sunshine and Albion also posted notable changes in the last quarter – plummeting by 20 per cent to $400,000 and 35.2 per cent to $230,000 respectively.
According to Barry Plant Sunshine director Jason Allen, the drop makes Sunshine an attractive prospect as a lower price entry point.
“It puts it on the map for a lot of buyers,” he said.
“Everyone wants to get a better yield, if they’re an investor or if they’re a young buyer.
“Sometimes affordability is an issue but this brings the attention back to these types of properties.”
The drop in prices over the three-month period can also be volatile due to a relatively lower number of reported sales over the period.
“Demand for apartments isn’t as high,” Mr Allen said.
“People are prepared to buy or spend more money on a townhouse or a free standing property, even in a smaller complex where they’ve got land and more potential for growth compared to what apartments offer.”
A spokesperson from REIV said these price changes should be considered over a 12-month period to gain a better insight into Sunshine’s real estate market.
The annual median price for Sunshine units is $527,500, with the 4.5 per cent annual growth indicating stability, the spokesperson added.
