Chat with us, powered by LiveChatMelton Shire house values jump

Melton Shire house values jump

Melton Shire experienced a real estate boom in 2010 with house prices in some suburbs rising by more than 20 per cent. The median house price in Melton South rose 21.4 per cent for the year, Melton jumped by 18.8 per cent, Kurunjang by 18.1 per cent, Taylors Hill by 17.9 per cent, Burnside by 12.4 per cent, and Caroline Springs up 11 per cent.

Melton South is statistically Melbourne’s most affordable suburb at $279,000 but there were not enough houses sold during the December 2010 quarter for it to be included in the REIV’s top 10 most affordable list. That honour went to Melton with a median house price of $285,000, up $45,000 from $240,000 in December 2009. Taylors Hill was the shire’s most expensive suburb with an average sale price of $500,500 in December 2010. The median house in Caroline Springs was $429,500, Hillside was $427,500, Burnside was $412,500 and Kurunjang was $289,000,

A Managing Director of an Estate Agency in Melton, predicted house prices in the shire would rise again this year, but at a much steadier rate. He expected the real estate picture in Melton to continue to evolve, with more residents sizing up and building bigger homes.

“There’s a huge amount of construction going on and a lot of it is in the $350,000 plus homes,” he said. “At the moment the majority of houses being sold are still older homes about 12 or 15 years old.”

One agent predicted house prices in the shire would stabilise this year. But she said there was still a lot of demand for good properties.

“We’ve had good sales over Christmas. We even sold houses on Christmas Eve and New Year’s Eve, which proves buyers are still out there and spending.”

Branch manager of Barry Plant Caroline Springs, suggested that Burnside was a well-priced suburb for investors to buy into this year.

“It’s $20,000 or $30,000 less than Caroline Springs but you’re getting the same home just around the corner,” he said.