Wollert, Craigieburn and Doreen have been named among Melbourne’s best-performing real estate markets.
The Real Estate Institute of Victoria included the suburbs in its metropolitan Melbourne top 10 growth suburbs for annual price increases.
Wollert was named as Melbourne’s second best-performing market in the past year, with a median price of $605,000 as of March, 2019, up 7.6 per cent from March, 2018.
Craigieburn was ninth on the list, with the median price reaching $560,000, up 2.8 per cent from March, 2018.
Doreen came in at No.10, with prices up 2.5 per cent to $615,000 as of March, 2019.
Melbourne’s top-performing suburb was Mount Martha, where the median price was up 10.4 per cent.
REIV president Robyn Waters said the outer suburbs were maintaining their popularity among home buyers because they provided options for families.
“In suburbs like Sunbury, Craigieburn and Wollert, you an still secure a great family home for $500,000 to $600,000, which is attractive to potential owner-occupier and investors,” she said.
Overall, Melbourne’s media house price fell 1.4 per cent to $793,000.
“The market was fairly stagnant in 2018 as vendors resolved to stay put and renovate or extend rather than take their chances on selling in an uncertain market,” Ms Waters said.
Building approvals up
The REIV data comes as the Housing Industry Association reveals Mickleham was one of Australia’s building hot spots in 2018.
According to the HIA, the Mickleham-Yuroke corridor had 1665 new houses approved in 2017-18, valued at $437.4 million.
It’s the second consecutive year the area has been named as a building hot spot by HIA.
The HIA defines hot spots as local areas where population growth exceeds the national rate of 1.6 per cent and where the value of residential building work approved is in excess of $200 million.