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Property prices rising in the west

Real estate & property news
15 November 2022
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Affordability drives price growth in Melton and Melton West

Property prices in Melbourne’s western suburbs are climbing as buyers swoop on affordable homes.

Melton and Melton West are among the two-thirds of Melbourne’s suburbs where prices increased in the three months to September, according to recent PropTrack data.

In Melton, the median price for houses grew 1.3 per cent in the quarter to $490,465, while the price for units rose 1.96 per cent to $382,228. Both property types recorded a median price hike of more than 9 per cent over 12 months.

The median house price in Melton West jumped 0.18 per cent in the three months to September to $552,733, and 7.84 per cent in 12 months.

Melton and Melton West are havens for those priced out of inner Melbourne suburbs, according to Barry Plant Melton partner Ned Nikolic.

“The median price here is half that of Melbourne,” he said.

“It’s a no brainer for first-home buyers and investors.”

There are a diverse range of properties on offer, from units priced around $400,000 to million-dollar homes.

The majority of homes are priced from $400,000 to $700,000, Mr Nikolic said.

A three-bedroom house on 528sq m at 4 Staton Crescent, Melton West (main image above), recently sold for $570,000.

Nestled in the heart of the Westlake Estate, it is near schools, Woodgrove shopping centre, public transport, parks and recreation reserves.

Complete with two living zones, a quality kitchen, a main bedroom with ensuite, an outdoor entertainment area, and all the modern conveniences, it is the perfect place to call home at an affordable price.

Larger lifestyle properties were also sought after, particularly by families wanting all the bells and whistles, extra space to raise their children, work from home, and entertain family and friends, Mr Nikolic said.

On average, six to eight groups attended each open house inspection, and properties lasted about 35 days on the market before they were snapped up.

Mr Nikolic advised anyone considering selling their home to price it correctly to attract buyers.

The team at Barry Plant Melton was poised to offer the best advice based on recent comparative sales in the area, and to develop the right marketing campaign to ensure a successful result, he said.

With a price guide of $469,000-$499,000, a three-bedroom house on 606sq m at 4 Lisa Place, Melton West, is drawing keen interest from buyers, particularly investors.

“This property is leased until July next year to great tenants paying $1473 per month,” Mr Nikolic said.

“It’s the ideal entry level home in a good location near Woodgrove shops, parks, bus stops and schools.”

Due to soaring demand, the rental market was accelerating in Melton and Melton West.

“The vacancy rate usually ranges from 1-3 per cent,” Mr Nikolic said.

“It’s currently at a low 1 per cent.”

This was great news for investors from across Melbourne who were buying affordable homes in the region with confidence.

“They are getting more bang for their buck here,” Mr Nikolic said.

“And they are guaranteed great tenants and good returns.”

A three-bedroom house at 5 Canopus Place, Melton West, sold to an investor for $455,000.

“This was an ideal property for an investor because it was already leased out to tenants paying $1256 a month,” Mr Nikolic said.

And a renovated three-bedroom house at 95 Barries Road, Melton, was snapped up by an investor for $510,000.

In a prime residential growth zone, this property is within walking distance of shops, High Street, schools and fitness centres.

“It was also rented for $330 per week on a month-to-month lease, when it sold,” Mr Nikolic said.

Barry Plant Melton has an experienced property management team who is committed to developing good relationships with landlords and tenants.

“They keep up with all the changes in the market and help our clients achieve their goals,” Mr Nikolic said.

Barry Plant Executive Director Mike McCarthy said the company’s data reflected the rise in median prices across two-thirds of Melbourne’s suburbs, as reported in the Herald Sun.

Key factors behind the growth were high employment rates and a shortage of homes for sale, Mr McCarthy said.

Buyers were keen to get into the market as they had job security, he said.

Mr McCarthy advised homeowners that now was a good time to sell if their properties were well-presented.

Real estate & property news
15 November 2022
Save Article

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