House prices

House prices in Brimbank still on the rise

By Holly McGuinness

The latest report from the Real Estate Institute of Victoria (REIV) found that median house prices in Brimbank have mostly risen in the last quarter, with the exception of traditionally more expensive suburbs such as Keilor Park.

Increases were seen particularly in Deer Park and Caroline Springs which both saw an increase of 9.7% last quarter and Burnside Heights saw an increase of 18%.

By comparison, housing prices in Melbourne’s metro fell 2.9% in the last quarter. Other Brimbank suburbs which have seen an increase over the same period include Braybrook (1.7%), Hillside (5%), Keilor (1.1%), Keilor Park (4.2%), Sunshine (1.1%), Sunshine North (3.8%), Sunshine West (1.3%), Sydenham (5.7%), Taylors Hill (4.5%) and Taylors Lake (3.2%) )

Ray White Deer Park manager Leigh Grixti saw these results firsthand on Monday June 18 as he hosted a record auction for a Deer Park home.

“We had around 50 people online watching the auction, 12 pre-registered bidders and of those 12 we had five actively engaged in fierce competition.

“The reserve was 1.1 million and it sold for $1,167,000, which was $67,000 more than the reserve and $57,000 more than Deer Park’s record in that market, and that was in line, which was amazing.”

Suburbs that have seen declines in median house prices include Fraser Rise (-1.9%), St Albans (-0.7%), Tullamarine (-1.5%) and Keilor Park (-2.7%) ).

Mr. Grixti interprets that we could see a decrease in housing costs in these suburbs in the near future, saying: “You will definitely see a new market that we have never seen before. It’s going to be uncharted territory, and I believe whether it’s three, six, or twelve months from now, you’ll see a solid 10-20% drop in real estate prices.