Nillumbik’s property market stood out in the first quarter of 2019 with two of the top three performers located within the municipality, according to the latest data from Real Estate Institute of Victoria (REIV).
The median house price in Eltham increased by 7.3% to $950,000 in the January-March quarter, while Greensborough’s median house price soared 6% to $808,000, said REIV President Robyn Waters.
“Melbourne’s Green Wedge Council proved to be our property hot spot for the first quarter of 2019 as the area’s idyllic surrounds and enviable lifestyle boosted house values. You can still get impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars,” she said. “Consistent with 2018 trends, some outer areas continue to do well, with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1% increase, Mulgrave is at number four with a 4.7% increase and Point Cook in fifth place, also with a 4.7% increase.”
Inner Melbourne is starting to rebound. REIV found that Glen Iris and Balwyn North are both in the top 10 of the quarter after posting increases of 4.3% and 4.2%, respectively.
Overall, Melbourne’s median house price decreased by 1.4% in the first quarter to at $793,000.
“The market was fairly stagnant in 2018 as vendors resolved to stay put and renovate or extend rather than take their chances on selling in an uncertain market and I think we’ll need to wait until after the federal election to see any major change to that climate,” Waters said.
The top 10 performers for median house price growth between April 2018 and March 2019 were all in Outer Melbourne. The result echoes the popularity of affordable options for families who have their heart set on the “great Australian dream,” according to Waters.
“In suburbs like Sunbury, Craigieburn and Wollert you can still secure a great family home for $500,000 to $600,000 which is attractive to potential owner-occupier and investors,” she said.
REIV also reported that regional Victoria continues to outperform the Metropolitan Melbourne property market with substantial gains of almost 10% recorded in some towns during the quarter and a 1% increase overall in the median house price.