By ALESHA CAPONE
DEER Park and St Albans have been named among the top 10 most affordable suburbs in Melbourne, according to figures from the Real Estate Institute of Victoria.
With median house prices of $336,999 and $349,000 respectively, in the June quarter of this year, the two suburbs remain within reach for families searching for a bargain home.
The suburb which experienced the largest house price rise in Brimbank was Cairnlea, with a median of $560,000, up 14.3 per cent from the previous 12 months.
Other high-performing areas were in Derrimut where house values increased 9.3 per cent to a median of $424,000, Tullamarine rose 8.1 per cent to $416,000 and Keilor went up 7.4 per cent to $542,500.
Average annual house values swelled in in several other Brimbank suburbs including Keilor East to $536,000, Keilor Downs to $406,500, Sunshine North to $390,000, Delahey to $377,500 and Sunshine to $353,250.
Meanwhile, areas which experienced a reduction in median values – of less than five per cent – included Taylors Lakes on $506,000, Sydenham at $406,000 and Hillside to $405,000.
Closer to the city, Sunshine North fell slightly to $400,000, Albion to $378,000 and Ardeer to $310,000.
Suburbs which did not record enough houses sales to measure their price changes but stayed fairly steady included Brooklyn on $477,000 Burnside with $342,500, Kings Park at $309,000 and Albanvale’s $297,500.
Agent Alan Tran, from Westside Real Estate in St Albans, said he believed Albanvale was one of Melbourne’s “bargain suburbs”.
“Albanvale is very low at the moment,” he said.
“It is right between Cairnlea and Taylors Hill, and Taylors Hill has gone up a lot – and Albanvale will eventually catch up.
“You can get a house in Albanvale with 500 square metres of land, which is unheard of.”
Mr Tran said since the State Government cut the First Home Owner’s Grant of $7000 for people buying established properties at the start of the month, demand for homes has dropped.
“In St Albans, we have had a drop in the past 15 months,” Mr Tran said.
“It wasn’t affordable two years ago, I tell you that.
“The market has bottomed out and that is usually the ideal time to buy anything – property, stock – when prices are low.”
