Property market a mixed bag


Tara Murray

The Brimbank housing market has produced mixed results in the first three months of this year, according to new Real Estate Institute of Victoria data.

While house sale prices rocketed across most of Melbourne, with one of the largest quarterly increases, that wasn’t reflected in Brimbank.

The median house price in metro Melbourne is up 8.8 per cent on the previous quarter, but just three Brimbank suburbs had a median increase higher than that.

Deer Park was up 11.7 per cent in the previous quarter, with the median house price now $620,000.

The median house price in Sunshine is now $877,000 up from $791, 000 an increase of 10.8 per cent.

In Delahey, the median price was up nine per cent, with the median price now $605,000.

Fraser Rise, which sits just outside Brimbank, was also up with an increase of 12.9 per cent on the previous quarter.

Two Brimbank suburbs had their median house price fall in the first quarter of this year.

In Sydenham, the median house price dropped by 14 per cent, from $685,000 to $589,000. While the median house price fell in Sydenham, the median unit price increased by $3000.

In Sunshine West, the median house price has fallen from $720,000 to $668,000, drop of 7.3 per cent.

REIV president Leah Calnan said the December quarterly medians showed the long-term strength of the Victorian property market, returning to strong growth after a short period of uncertainty.

“These are outstanding figures; the Victorian real estate sector continues to soar and set new heights.” Ms Calnan said.

“Buying in Victoria is a great investment, house and unit values are growing across the entire state.”