According to CoreLogic research, median house prices have fallen across Victoria by about nine per cent in a 12-month period, compared to the same time last year.

But real estate agents say while the Craigieburn market had cooled slightly, it is still performing well.

One local agent said that in 2018, median prices in Craigieburn rose eight per cent. So far this year, prices are up four per cent, he said.

“The median price is still under $600,000, so there are plenty of options for buyers,” he said.

Another local agency director said that while some people were predicting “doom and gloom” for the market, there were still plenty of buyers around.

“I think Craigieburn, Roxburgh Park, Mickleham is doing well,” he said. “There is so much happening in the area and there is so much development. It is very affordable.”

Barry Plant Epping principal Fadi Khoder said it was different story in Epping, Wollert and Epping North. Mr Khoder said prices in those suburbs had fallen by about
10 per cent.

“Lending is a big issue today,” he said. “Banks are making it difficult to get finance. There are not a lot of finance-approved buyers.”

Mr Khoder is optimistic the market will improve in the next six months.

“Auction clearance rates were 30 to 40 per cent late last year and they are up to 50 per cent now,” he said. “If banks start to approve more finance, the market will rise in the next four to six months.

Source: Star Weekly