By Laura Wakely
PROPERTY is booming in Brimbank as median house prices and demand for investment properties rise.
Deer Park has recorded the strongest annual growth in Melbourne, with the median house price of $385,000 – a 10 per cent leap on last year’s prices according to the Real Estate Institute of Victoria (REIV).
REIV data also shows Deer Park recorded an 11 per cent growth from the June quarter – the second-strongest performing suburbs behind Balwyn for the September quarter.
REIV CEO Enzo Raimondo said the suburb was bucking the trend, with the average median house price across Melbourne dropping from $567,000 to $551,000 since June.
He said the surge in population is bolstering demand in more affordable suburbs like Deer Park.
“Across Melbourne this means that the outer suburbs have recorded an overall better result than the inner ones have,” Mr Raimondo said.
“The list of suburbs recording positive growth over the quarter and on an annual basis is dominated by those priced at or below the median.”
The Australian Property Investor researcher John Lindeman also singled out Brimbank suburbs as on the rise, naming Braybrook, Albion, Sunshine and St Albans in his “107 hotspots” where rents are expected to increase.
He named Braybrook and Albion as “perpetual renter localities” where “vacancy rates were low and defaults are rare”.
