Top house deal? Bank on Hume
HUME is one of Melbourne’s most affordable areas, according to the Real Estate Institute of Victoria’s latest data.
The figures, comparing median house prices in Melbourne, reveal Roxburgh Park and Craigieburn as among the 10 most affordable places for the quarter to June 30. The median for both suburbs was $350,000.
Broadmeadows ($320,000), Dallas ($295,500) and Meadow Heights ($295,000) all had lower median house prices but weren’t included in the overall list because they each had fewer than 30 second-quarter sales.
Sunbury and Craigieburn were among Melbourne suburbs with the highest price rises in the quarter to June 30.
Sunbury increased by 4 per cent and Craigieburn by 2.9 per cent.
Since June 30 last year, Hume’s house prices have fallen, with only Gladstone Park seeing an increase.
Glenroy suffered the biggest depreciation in the past 12 months with prices dropping 13.9 per cent from $493,750 to $425,000.
Broadmeadows’ median price fell by 13.6 per cent from $370,500 to $320,000, despite rising by 4 per cent between March and June this year.
Meadows Heights’ median declined 8.5 per cent ($322,500 to $295,000), while Roxburgh Park fell by 8.4per cent ($382,000 to $350,000).
Barry Plant Craigieburn’s Damien Crivelli said he wasn’t surprised that Roxburgh Park was now among the most affordable suburbs, but he expected prices there to rise.
“There’s a lot of things being built in Roxburgh Park at the moment, including Aldi and other shops.
“Once the work has been completed the prices will go back up,” he predicted.
He said Craigieburn, regularly among the most affordable suburbs, had benefited from new estates.
Craigieburn had the third-highest turnover of properties in the June quarter, with 100 properties selling.
Sunbury was second on the list with 104 properties sold.
“A lot of people buy their first houses in Craigieburn and then upgrade to bigger houses in the area,” Mr Crivelli said.
“Sunbury is in a similar position.”