By Charlene Gatt
BRAYBROOK house prices are going through the roof, with the suburb outstripping every other area in Melbourne to be the fastest mover over the past five years.
Figures released by the Real Estate Institute of Victoria reveal Braybrook house prices have jumped 120 per cent since 2005 to post a 2010 median of $485,000.
Maidstone and West Footscray also made it into the top five, with both suburbs doubling in price over the last five years, while Maribyrnong was fifteenth.
On the other end of the spectrum, West Footscray units and apartments are some of the most affordable across Melbourne, with a median price of $300,000.
Robert Larocca from the Real Estate Institute of Victoria said 2010 was a very strong year for the Melbourne residential property market, particularly in the West.
“Trends over the last five years show the western suburbs increasing in popularity, with Braybrook, Maidstone, West Footscray and Altona all in the top 10 growth suburbs,” he said.
“The key to improving affordability of housing in Melbourne is to increase the number of new homes right across the city.
“Affordability constraints resulted in suburbs priced around the median having the highest demand and recording the larger price increases.
“There is a lot of demand for homes priced between $400,000 and $600,000.”
