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Homebuyers find value in Brimbank suburbs

Corporate - Home Page
13 May 2021
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Affordable and diverse housing in Deer Park, Cairnlea and Derrimut

With house prices soaring across Melbourne suburbs, the City of Brimbank offers affordability and value for money.

Latest REIV data shows the median house price in Deer Park is $620,000, well below the $1 million median in metro Melbourne.

Undervalued in the past, Deer Park and neighbouring Derrimut and Cairnlea have attracted strong interest in recent months, according to Barry Plant director Ross Vorrias.

“There has been rising activity in these suburbs because of their housing diversity, amenities and affordability,” he said.

“Homes here are conveniently near public transport, schools, shops, cafes and restaurants, and there is easy access to the CBD, ring road, Ballarat Rd, the airport and Western Victoria.”

Mr Vorrias said the three suburbs also offered buyers a wide range of properties.

“Cairnlea is sought-after for its newer and bigger houses that are ideal for second and third-home buyers, while Derrimut suits all budgets, particularly first-home buyers and investors.”

Those seeking older homes on bigger land looked at Deer Park, which also offered newer homes on smaller blocks that were ideal for those wanting a low maintenance lifestyle.

Homebuyers were predominantly from the City of Brimbank who wanted to stay in the area, while there were some migrating from further afield.

“Some buyers are starting to filter through from Moonee Valley, the northern suburbs and from the other side of the city,” he said.

“They are seeing value here and would be paying much more in their areas for similar homes and amenities.”

Mr Vorrias pointed to the brand new four-bedroom, three-bathroom townhouse at 3B Slough Street, Deer Park, which was snared for $685,000 late last year by a buyer from the Hobsons Bay area.

“Four buyers competed for the property that sold well above expectations, because of its exceptional quality and size,” he said.

“It was in a desirable pocket near parks, transport and freeway access.”

Mr Vorrias said high demand buoyed by record low interest rates and government incentives, plus low stock levels are pushing up prices in Deer Park, where the median price has jumped 11.7 per cent since the December quarter.

In March, a first-home buyer paid $540,000 for a three-bedroom weatherboard unit at 1/2 Glencairn Avenue, Deer Park.

The property on a subdivided block attracted three local buyers and sold above the top end of its advertised price range, Mr Vorrias said.

In Derrimut, a four-bedroom house on a substantial 752sq m at 11 Rowena Court, sold for $791,500 last month, well above reserve.

“Five local bidders competed for the one-owner home that sold to a family who liked its size, location and stunning gardens,” Mr Vorrias said.

The property features three living zones, a study or fifth bedroom, a magnificent outdoor entertainment area with a barbecue, and is in a quiet no-through road, near public transport, reserves, primary schools and shopping centre.

A new listing at 24 Dunbarrim Ave, Cairnlea, is up for auction on May 29 for $775,000-$850,000.

“We are anticipating solid interest in this well-renovated home, particularly from downsizers and retirees, as it is one of a few single-storey houses on the market in the area,” Mr Vorrias said.

Corporate - Home Page
13 May 2021
Save Article

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