ST ALBANS has cemented its place as one of Melbourne’s most affordable suburbs.
The Real Estate Institute of Victoria’s March quarter figures show the suburb’s median house price of $346,500 was the ninth-lowest across metropolitan Melbourne.
Werribee remains the most affordable area with a $290,000 median.
Sales figures show Melbourne’s property prices have levelled out over the past 12 months.
The median house price increased 0.9per cent from $530,000 to $535,000.
REIV chief executive Enzo Raimondo said demand for residential property over the past 12 months reflected the broader state of the economy.
Mr Raimondo predicts prices will remain stable in the short term.
“The property market moves in cycles and now we are in one of stability, with overall median house prices showing no real growth.
“The past 12 months also reflect both an easing in population growth and improvement in the supply of new homes.”
Unit and apartment median prices fell 1.1per cent to $445,000 from $450,000 in the December quarter.
“Until the economy and confidence improve, the market is likely to remain as it is now. Buyers and sellers over the next quarter in particular will be watching interest rates over the next quarter,” Mr Raimondo said.
