By Tate Papworth
A leading Keilor real estate agent has downplayed fears that Melbourne Airport’s proposed third runway will significantly impact house prices in the area.
In January Star Weekly reported that median house prices in Keilor dropped by almost 10 per cent to $912,000 in the final quarter of 2019.
The statistics, provided by Real Estate Institute Victoria, are based on sales and auction results.
But Brad Teal Real Estate sales manager and auctioneer Craig Teal said that’s not what he’s seen.
“Historically August is our worst month, but we bettered that last year when the market took off again,” Mr Teal said.
“We had lots of quality homes exceed vendor expectations … half a dozen going for $100,000 over reserve.”
While he said the market is in a good place, Mr Teal admitted the start to 2019 was a tough time.
“All of a sudden everything got pulled back a notch. Purely and simply it was the banks, vendors didn’t want to sell for a loss.
“So they sat and waited. Now the market has turned and when it took off again, it jumped.
“We’ve recently sold three properties in Calder Rise for over $1 million, which is unheard of.”
Mr Teal doesn’t believe the third runway will negatively impact the market, but said some residents were concerned.
“When it was announced last year I had 10 calls in three days and listed five homes in the 10 days following – all of those were people conscious of the runway.
“But at the end of the day, we’ve had planes as long as I’ve lived here … people live on the back of train lines and freeways, it’s life, but doesn’t make this a less sought after area.”
