by Laura Michell
House prices in Brimbank are beginning to fall, albeit at a slower rate than the metropolitan Melbourne average.
Latest Real Estate Institute of Victoria (REIV) data reveals the median house price in Melbourne fell by -7.4 per cent to $993,000 in the three months to the end of September.
Across Brimbank median house prices fell by between -1.2 and -7.8 per cent between July 1 and September 30.
Deer Park recorded the largest decline in house prices, with the median price dropping -7.8 per cent from $713,000 at the end of June to $657,000 at the end of September.
The median price in Sunshine North fell -7.2 per cent to $770,000, while Delahey’s median house price was $595,000 (-5.6 per cent).
Median prices also fell in Taylors Lakes (-4.7 per cent to $930,000), Sunshine (-4.6 per cent to $830,000), Sunshine West (-2.9 per cent to $745,000) and St Albans (-1.2 per cent to $675,000).
Sydenham was one of the only Brimbank suburbs to record a price rise during the three months, with the median price reaching $725,000, an increase of 1.6 per cent from $714,000 at June 30.
REIV president Andrew Meehan said the September quarter had created attractive buying opportunities as the market responds to shifting economic conditions and consecutive interest rate rises.
“Lower median prices through the September quarter have created new opportunities for Victorians to buy more affordably in Melbourne, particularly in the outer suburbs,” Mr Meehan said.
“It is pleasing to see property transactions have not slowed materially, with a high volume of vendors listing their properties and plenty of undeterred buyers. Looking ahead, these factors, combined with the [Reserve Bank of Australia’s] lower-than-expected rate rise in October, are an encouraging sign of our real estate market’s long-term health.”
The REIV said the housing market was showing strong growth long-term, with property prices up significantly over the past 12 months.
Several Brimbank suburbs recorded double-digit annual price rises, including Cairnlea where the median price rose 12.5 per cent to $965,000 and Derrimut, which recorded an increase of 21.1 per cent to $765,000.
