HOUSE prices in Hoppers Crossing have fallen for the first time since December 2008, according to the latest Real Estate Institute of Victoria statistics.
The REIV’s release of their March quarterly house prices shows that the median house price in Hoppers Crossing is down to $329,900 – a drop of about $15,000.
But the cost of a house in Hoppers Crossing is still up an incredible amount from 2008 when you could buy a house for less than $260,000.
Spokesperson for the REIV, Robert Larocca, said it was not unusual to see a drop in prices during the March quarter.
“It is evident that the current residential market in Melbourne and Victoria has entered into a different phase of lower transaction numbers and reduced price growth,” Mr Larocca said.
Mr Larocca said residents should not expect prices in the West to stay low for much longer.
“The key to how the market performs in 2011 and beyond will depend on the strength of the local economy; at this stage, the fundamentals are still strong, especially population growth, employment and consumer confidence,” he said. “The fall in median in Hoppers Crossing was less than the metropolitan wide outcome which shows that there is still and it is likely to continue, health demand for affordable homes.” Average prices in Hoppers Crossing at $329,900 and Truganina at $370,000 have now overtaken Werribee at $327,000.
