Melton is bucking the trend of falling house prices across the state.
Property prices in Melbourne’s west continue to fall, according to new CoreLogic data which shows a 1.2 per cent decrease in the past month, with a 7.2 per cent fall in the past year.
However median house prices in the Melton municipality, among the state’s most affordable, have tipped the $400,000 mark – up nearly 20 per cent in some suburbs in the year to February. Melton’s median price sits at $410,000 (up 14.5 per cent) while Melton South climbed to $411,750 (15.7 per cent), Kurunjang $432,000 (19.5 per cent) and Melton West $450,000 (13.9 per cent).
Professionals Ryder Real Estate’s Mark Mordaunt said the data does not reflect what he sees happening in the market.
“The market in Melton is still down although I don’t think it has suffered as much as the Melbourne market,” Mr Mordaunt said.
“There might have been a couple of big sales that scrambled the local market a bit, but generally, the Melton market is still solid.
“The time houses spend on market
has increased somewhat, and there are
less buyers than there was in the past year, but that was coming off very unsustainable numbers.”
CoreLogic Australian head of real estate Geoff White said the fact the median in Melbourne’s cheapest suburbs had increased meant certain buyers could no longer “stretch themselves” for a deposit.