By Alesha Capone
UNITS in Tarneit recorded the largest fall in median prices out of all suburban homes in Melbourne during six months, according to new figures.
Last week, the property research firm RP Data released a report which said the average cost of units in Tarneit fell 33.3 per cent to $296,000 between November 2010 and May this year.
Units in Altona North recorded the fourth highest drop in the metropolitan area, decreasing 24.9 per cent to a median price of $422,500.
Williamstown North houses recorded the 13th highest price fall, decreasing 13.4 per cent to $775,000.
But Michael Meakin, the director of Brian Mark Real Estate which has offices in Werribee and Tarneit, said the RP data did not always provide an accurate snapshot of the local property market.
“When you’ve got units in an area like Tarneit, it’s a very select and small sample,” he said.
Mr Meakin said Tarneit was more popular with families who wanted to purchase houses.
He said recently, Tarneit units have come down around $10,000 in their average prices.
“The good news for buyers is that they have quite a bit to pick from and for sellers, if they offer a fair price their property will sell,” he said.
“Houses in Tarneit are still going well.
“Buyer inquiries are still very strong and people out there are wanting to buy.”
Mr Meakin said the performance of property values in Werribee, Hoppers Crossing, Tarneit and Wyndham Vale was linked.
“If one goes badly, they all go badly. If one goes well, they all go well,” he said.
“Fundamentally, our area has always been a family area and while you may get the occasional apartment popping up, it’s mainly houses as this is such a good area to bring up families.
“Affordability is probably the big issue here, good access to the city and value for money.”
