Demand from investors for properties in Keilor East has seen it named among the top 20 hottest suburbs in Melbourne.
According to the Real Estate Institute of Victoria (REIV), the median value of a Keilor East house rose 11 per cent between September and December last year.
In the REIV’s quarterly list of average house prices, Keilor East recorded a median of $605,000 during December.
The suburb’s average value in the previous timeframe was $545,000.
Melbourne’s median house price rose to $643,000 at the end of 2013 as the property market showed no signs of slowing down in Brimbank and nearby areas.
Suburbs which recorded sales of 30 or more houses during the December quarter included Deer Park where the median house price increased 7 per cent to $362,500.
Sunshine West reached an average house value of $400,000, up 5 per cent since the last quarter.
The St Albans median price-tag for houses rose 3 per cent to $365,000 and Sunshine homes stayed steady on $440,000.
Caroline Springs’s average house values rose 1 per cent to $445,000 and Hillside fell slightly to $437,500.
Many real-estate agents caution against extrapolating average home costs from suburbs with less than 30 sales during a quarter because as this can potentially skew the figures.
However, among Brimbank suburbs which fell into this category during the December quarter:
– Kings Park houses experienced a 14 per cent rise in average prices. The area recorded a growth in value of $358,000.
– Keilor Downs houses followed with a 12 per cent increase to a median of $446,000.
– Sydenham and Ardeer home values increased by 10 per cent to average $435,000 and $350,000 respectively.
– In Derrimut, the median house value swelled 6 per cent to hit a median of $467,500.
– Sunshine North average houses also experienced a 6 per cent rise to reach $420,000.
– Cairnlea’s median remained at $474,000 and Albanvale fell slightly to $318,000.
– The standard house value in Taylors Lakes dropped 4 per cent to $480,000 and Burnside eight per cent to $385,000.
– The largest drop in average house values was in Keilor, where costs dropped more than 20 per cent to $555,000, down from $705,000 in the September quarter.
