House prices in Caroline Springs jumped almost 10 per cent in the first three months of the year, placing it in the top five growth suburbs in Melbourne.
The median house price in the suburb rose from $520,000 in December to $570,000 (9.6 per cent) in March, according to Real Estate Institute of Victoria (REIV) figures.
Meanwhile, the median price of units went up by 6.5 per cent to $330,000 in the same period.
Melbourne’s outer suburbs, including Epping, Werribee and Doreen, led a strong growth in price rises in the three-month period, with REIV president Geoff White attributing this to “buyers [looking] for value”.
“Twelve of the top 20 growth suburbs were in outer Melbourne,” he said.
“This signals continuing buying demand as home buyers look for value further from the CBD.”
Caroline Springs YPA director Joel Rawle said he wasn’t surprised by the suburb’s strong growth as it was an “ideal” location for young families and first-home buyers.
He said relatively easy access to the CBD, proximity to major shopping centres and the number of schools in the area were appealing.
“It’s a fantastic place to live,” Mr Rawle said. “There are lots of facilities, the lake and a train station to open shortly.”
He said that although houses may be getting more expensive, it was not all bad news for people looking to buy property.
“They know that even though they may pay a bit more for a house, there’s a strong return if they decide to sell.”
Meanwhile, in Truganina houses are being built at a rapid rate. According to the latest Housing Institute of Australia’s
Population and Residential Building Hotspots report released last week, Truganina was the ninth-strongest market in the country for new-home building and population growth.
The report shows residential building works valued at more than $200 million were approved in Truganina in the year to last June 30. The suburb’s population also jumped 14.7 per cent in that time.
– with Alexandra Laskie