Two northern suburbs have emerged as property hotspots, with median house prices bucking a statewide trend to rise by close to 5 per cent over the past three months, according to the Real Estate Institute of Victoria (REIV).
Latest property data reveals that Melbourne’s median house price failed to rise between June and September, remaining stable at $834,000.
However, in a few suburbs, including Greenvale and Epping, median house prices went against the trend and rose in the September quarter. According to the REIV data, the media house price in Greenvale rose 6 per cent from $715,000 in June, to $760,000 in September.
In Epping, median house prices rose 4.5 per cent from $605,000 to $632,500.
Both suburbs have also recorded significant price rises over the past year, with prices rising by 10 per cent in Greenvale and 5.5 per cent in Epping.
Barry Plant Gladstone Park director Nick Pugliese said Greenvale was continuing to offer buyers excellent value for money, with the new estates catering to the first home buyer market, while old Greenvale offered bigger houses on acre to half-acre blocks.
He said the suburb’s location was helping to keep the median price “ticking along”.
“It is the last frontier in that 20 kilometre [from the CBD] golden circle,” Mr Pugliese said.
“If you go 20 kilometres to the east, you are potentially paying double.
“What we are blessed with is it is still a very affordable market for what you are getting.”
Greenvale and Epping were the only suburbs in Hume and Whittlesea to record price rises in the past three months.
In Broadmeadows, the median price fell 8 per cent to $557,550, down from $605,000 in June.
In Mernda, prices fell 5.5 per cent to $582,000, while Gladstone Park and Lalor both recorded drops of 3.8 per cent.