The median house price in Tarneit has grown by 10.2 per cent since last year, according to the Real Estate Institute of Victoria.
The REIV last week released a list of the state’s top growth suburbs for median house prices, within the January to March quarter of this year.
In the October to December quarter of 2017, Tarneit’s median house price was $532,500, but it reached $587,000 by March this year.
This figure put Tarneit at ninth on the list for median house price growth in the state.
Kew topped the list, with house prices increasing 26.9 per cent from $2.710 million last year to $2.715 million this year.
The median house price across Melbourne was recorded at $855,000 in the March quarter.
In February, Melbourne-based developer Growland announced plans to build a 900-home estate in Tarneit aimed at first-home buyers. The ‘Marigold’ estate will be on a 65-hectare site near the intersection of Derrimut and Dohertys roads.
The project has been described as “premium affordable housing targeted towards first-home buyers”, to be built alongside recreational parks, water features and wetlands.
Growland chief executive Ronald Chan said the company hoped the Marigold area would appeal to first-home buyers who wanted to avoid paying stamp duty.
In Victoria, first-home buyers are not required to pay stamp duty if they buy a property for $600,000 or less.
“Our aim is for our purchasers to end up paying $600,000 and under for their house and land package,” Mr Chan said.
Mr Chan said that Tarneit “represents a fantastic opportunity for buyers”.
“Many buyers in Tarneit are coming from Sydney and Western Sydney due to Melbourne’s relative affordability and lifestyle, which is a trend we believe will continue as Sydney land prices remain out of reach for many,” he said.