House prices in Ardeer have risen by the highest average amount in Brimbank, according to the latest revaluation figures.
Properties across Brimbank have risen in price since the last valuation in 2016, but Ardeer received the largest rise overall with an average increase of $176,981, bringing the average house price in the suburb to $564,711.
Keilor (up $170,834), Kealba (up $171, 806) and St Albans (up $163,977) also experienced a sharp average price jump, with the revaluation used to determine the council rates for this year.
The council’s chief financial strategist, Shane Marr, said properties that had increased in value by more than the Brimbank average would receive a steeper rates increase, while some areas of Brimbank had actually seen a decrease in their rates after increasing in value by less than the municipality average.
“Council sets a total budget amount based on what council plans to deliver (and) each ratepayer’s share of this total amount depends on the value of their property compared to the value of other properties within the municipality,” Mr Marr said.
“About 40 per cent of ratepayers will receive a reduction in their rates, and about 20 per cent of ratepayers will receive no change or an increase of less than 5 per cent.
“If your rates have increased by more than the rate cap, this is because your property value has increased by more than the average increase across Brimbank.”
Properties in Sydenham (up $112,672), Hillside (up $119,346) and Sunshine West (up $137,281) experienced the smallest average increase in the revaluation, while Keilor (average house price of $876,394) and Taylors Lakes ($733,591) remain the two most expensive suburbs to buy into in Brimbank.
According to the council revaluation report (completed by the state government) Brimbank properties improved in capital value by 30 per cent, however property values in Ardeer, Albanvale, Kealba, St Albans and Deer Park have improved by over 40 per cent.
Star Weekly previously reported that at least 7000 ratepayers were told their rates could increase by more than 15 per cent following the revaluation.