Gerald Lynch
In a quarter of minimal house and unit price movement in Victoria, suburbs in Brimbank were among those leading house price growth.
According to the Real Estate Institute of Victoria’s (REIV) latest median prices for the quarter ending September 30, Victoria’s metropolitan house prices rose 0.1 per cent to $916,000.
Many suburbs across Brimbank held steady, however there were some fluctuations across parts of the municipality.
Keilor remained the most expensive suburb to buy a house in Brimbank, despite a quarterly price decrease of 2.9 per cent, leaving the median house price at $1.2 million.
Close behind, Keilor East dropped 6 per cent to a median of $1 million. Keilor Lodge rose 5.3 per cent to also reach the $1 million mark, while Taylors Lakes had the third largest decrease in Brimbank of 8.5 per cent, which saw the suburb fall back into six figures at $914,000. A 5.7 per cent decrease in Taylors Hill moved that surburb’s median price to $866,000 rounded out the five most expensive suburbs in which to buy a house.
Braybrook recorded the largest hike in median prices during the quarter, with a 19 per cent increase to $766,000.
The Braybrook figure was closely followed by Burnside Heights, with a 12.5 per cent increase to $844,000, while Albanvale, which had an increase of 9.4 per cent to $652,000, has moved off the bottom as the cheapest suburb to buy a house in Brimbank.
That title now belongs to Kings Park, with a median house price of $613,000.
The biggest drop was in Cairnlea, with a 22 per cent decrease pushing the suburb well back into the six figure market, with a median price of $825,000.
Also recording a large decrease was Hillside, sliding 16.5 per cent to $735,000.
REIV CEO Kelly Ryan said there were lots of positive signs in outer Melbourne, including throughout the west, pointing to increased infrastructure as a key pillar.
“Access to schools, transport, amenities and other lifestyle convenience factors are helping to ensure the long-term trend of outer Melbourne looks positive for the future,” she said.
There were 10 suburbs in Brimbank that recorded a rise in median value, 13 that recorded a decrease in median value while another five either experienced either no change or didn’t sell enough houses for measurable data.
