By XAVIER SMERDON
WERRIBEE and Hoppers Crossing are the most affordable suburbs in Melbourne, according to the latest Real Estate Institute of Victoria figures.
The REIV’s September quarter data shows that Werribee remains the cheapest suburb to buy a house in, despite an increase in the median house price.
Since the last quarter the median price for a house has increased by 4.3 per cent to $300,000.
“A combination of lower interest rates, lower prices, an improving clearance rate and small improvements in consumer confidence should sow the seeds of a recovery in the residential housing market,” REIV CEO Enzo Raimondo said.
“REIV analysis of the market shows prices are beginning to trend upwards, particularly in the middle and outer suburbs. In trend terms the inner city median has dropped by 0.4 per cent this quarter compared to an increase of 1 per cent in the middle suburbs and 0.9 per cent in the outer suburbs.”
Hoppers Crossing is the second cheapest suburb, with a median price of $310,000, a fall of 2.4 per cent since the last quarter.
Tarneit was also ranked within the 10 cheapest suburbs, landing in eighth place with a median price of $342,000.
Point Cook however continued to show a slump in house prices, recording a median house price of $420,000, a fall of 8.7 per cent since the last quarter and 13.4 per cent from the same time last year.
Wyndham Vale and Truganina were not included in the rankings as both suburbs failed to record 30 or more sales during the quarter.
