By Holly McGuinness
The latest Real Estate institute of Victoria (REIV) report has found median housing prices in Brimbank have mostly risen in the last quarter with the exception of traditionally higher-cost suburbs such as Keilor Park.
Rises have been seen particularly in Deer Park and Caroline Springs which both observed a 9.7 per cent rise in the last quarter and Burnside Heights observed a 18 per cent increase.
In comparison metro Melbourne housing prices have seen a 2.9 decrease in the last quarter. Other suburbs across Brimbank that saw an increase during the same period include Braybrook (1.7 per cent), Hillside (5 per cent), Keilor (1.1 per cent), Keilor Park (4.2 per cent), Sunshine (1.1 per cent), Sunshine North (3.8 per cent), Sunshine West (1.3 per cent), Sydenham (5.7 per cent), Taylors Hill (4.5 per cent) and Taylors Lake (3.2 per cent)
Director of Ray White Deer Park, Leigh Grixti found these results in action first hand on Monday, June 18 as he held a record breaking auction for a Deer Park home.
“We had approximately 50 People online watching the auction, 12 pre-registered bidders and out of those 12, we had five who actively engaged in fierce competition.
“The Reserve was 1.1 million and it sold for $1,167,000 which is $67,000 over reserve and $57,000 over the Deer Park record in this market, and it was online which was incredible.”
Suburbs that have observed decreases in median house prices include Fraser Rise (-1.9 per cent), St Albans (-0.7 per cent), Tullamarine (-1.5 per cent) and Keilor Park (-2.7 per cent)
Mr Grixti interprets that we could see a decrease of housing costs in these suburbs in the near future, saying “You definitely will see a new market that we’ve never seen before. It’ll be uncharted territory, and I do believe that whether it’s three, six or twelve months, you will see a solid 10 to 20 per cent decrease in the house prices.”
