NATALIE GALLENTI-BREKALO
MELTON South and Melton remain among the most affordable metropolitan suburbs in Melbourne according to the latest figures released by the Real Institute of Victoria.
The statistics showed house prices in Melton South slumped to $220,000 in the December 2013 quarter while Melton’s media house price dropped slightly to $239,950.
Prices in the nearby suburbs of Kurunjang and Melton West were a little higher – $280,000 and 276,000 respectively – while Brookfield reached $298,750.
However, there were positive signs for the City of Melton with Taylors Hill, Caroline Springs and Burnside Heights continuing to climb the real estate ladder with median prices reaching close to half a million dollars.
Melton Barry Plant sales executive Ned Nikolic told Star that house prices in Melton and surrounding suburbs would remain affordable while there is still land readily available to purchase.
Mr Nikolic said buyers could purchase an older home for as little as $200,000, while newer homes were likely to fetch $300,000.
He said while the figures may look grim, there were definite signs of improvement in the last quarter.
“It’s a great time to buy… with the interest rates so low, paying off a mortgage is better than renting,” Mr Nikolic said.
“Buyers better get in while they can… the future is looking positive.”
Mr Nikolic encouraged investors and first home buyers to come back to Melton saying future developments were all selling points for the area.
Overall Melbourne’s median house price rose by more than 7 per cent in the final quarter of 2013, to a new high of $643,000.
REIV chief executive officer Enzo Raimondo said that the increase was driven by several factors including “low interest rates, a record number of auctions, and an increase in million dollar-plus sales”.
“Sellers were also confident of making a sale with about 12,800 auctions held during these three months, an average of more than 1000 auctions a week.”
