Property prices rise in Keilor Lodge and Sunshine West

(Tom Rumble/Unsplash)

Hannah Hammoud

The property markets in Keilor Lodge and Sunshine West are thriving, with the median house prices increasing by more than 11 per cent in the last quarter according to new data.

Real Estate Institute of Victoria data for the June quarter shows the median house price in Keilor Lodge is $976,000 and in Sunshine West it’s $722,500.

Both suburbs experienced an increase of 11.5 per cent.

Ray White Sunshine director Marus Fregonese said there has been good competition for quality homes due to a lack of stock.

“The market slowed over late last year and early into this year, which made owners and vendors hold off from selling. This resulted in a shortage of stock available which drove prices up,” he said.

Mr Fregonese said Sunshine West offers value for money, with large blocks of land and solid family homes alongside great access to transport, freeways and schools.

Mr Fregonese said stock levels are expected to rise over spring, giving buyers more chances to purchase property.

“There will be plenty of opportunities for buyers who have been waiting due to a lack of stock as listings will increase,” he said.

Across Brimbank, the real estate markets were a mixed bag, with a number of suburbs recording increases, while the median house price fell in other suburbs.

In Caroline Springs, the median house price rose by 9.4 per cent in the last quarter, with the median house price now $755,000.

Deer Park also recorded a median sale price of $660,000 with a 7.3 per cent increase.

The median price fell by 4.8 per cent in Deanside ($636,000), 3.6 per cent in Kings Park ($593,000), 3.5 per cent in Keilor Downs ($762,000), and 2.6 per cent in Keilor ($955,000).