Melton continues to be one of Melbourne’s most affordable suburbs, where home buyers can still buy for under $400,000, according to the latest figures.
New Real Estate Institute of Victoria data shows the median house price in Melton’s south was $342,500 for the year to June 30, while the median in Melton West was about $397,000.
REIV acting president Richard Simpson said despite Melton West’s 14.1 per cent growth in the most recent quarter, property there was still priced well below the metropolitan median of $822,000 (up 2.9 per cent).
Jason Ryder, of Ryder Professional in Melton, said the performance of the housing market across the municipality in recent months had been “quite spectacular”.
But he said that home buyers could still pick up a three- or four-bedroom home for under $400,000, which was a rarity in other parts of the state.
The REIV data highlighted one of the top ‘bargains’ in the state – a property in Carberry Drive, Kurunjang which went for $362,000 before auction earlier this month.
“As the other suburbs have increased in their median ranges quite significantly, so has Melton,” Mr Ryder said.
“The value of properties in Kurunjang are very similar to those in Melton West and the growth rate is also comparable.
“There are parts of Kurunjang that have premier larger properties so that can lift the median in that suburb a bit … if we are comparing similar homes then both areas are performing similarly.”
Mr Simpson said the 14.1 per cent growth in Melton West’s property market was the result of population increases, record low interest rates and strong buyer demand.
“It’s certainly a sellers’ market at present with strong competition for homes … particularly in Melbourne’s more affordable areas,” he said.
House prices in regional Victoria rose strongly for the second consecutive quarter, up two per cent to a record high of $385,000.