BY NATALIE GALLENTI
WHILE this year’s property market has been described as sluggish by some, house prices in Brimbank’s more prestigious areas have flourished.
Six homes in Keilor, Keilor East and Taylors Lakes fetched more than a million dollars and real estate agents are predicting a steady increase in prices in the next 12 months.
An opulent home located on the Old Calder Highway drew the highest price, selling for $1.35 million.
Anthony Baliviera from Nelson Alexander, the agent responsible for selling the property, said the family home was unique and offered a feeling of grandeur.
He said the location was highly sought after by buyers and was one of the municipality’s most esteemed areas.
Mr Baliviera said the property market had adjusted in the past 12 months and homes were more affordable for buyers.
He said people weren’t shying away from buying property and good homes were still securing good prices.
And he said low clearance rates for auctions were not necessarily indicative of the amount of transactions, particularly since private sales remained positive.
Enzo Raimondo, CEO of the REIV, said in comparison to 2010 this year has seen a soft market.
Mr Raimondo said concern about the global economy had resulted in buyers holding back and that had caused a lower volume of sales.
However, he said from the perspective of renters, conditions had finally improved with the vacancy rate exceeding three per cent for the first time since January 2006.
