By NATALIE GALLENTI
SUNSHINE house prices have plummeted in the last 12 months according to the latest figures.
Real Estate Institute of Victoria data for the June quarter reveal median house prices in Sunshine dropped from $426,000 to $380,000, with the prices in neighbouring suburbs also taking a nose dive.
The figures show St Albans has overtaken Deer Park as the cheapest suburb in Brimbank, with a median price of $330,000, falling from $439,000 last June, making it the fifth cheapest suburb in Melbourne.
The median house price in Deer Park is $346,000, $520,000 in Taylors Lakes and $420,000 in Sydenham.
In other Brimbank suburbs, the median house price in Delahey was $365,000 and $515,000 in Keilor.
House prices in Caroline Springs, located within Melton Shire, dropped only slightly to $425,000.
Overall, the latest house price data shows that the median price of a house in Melbourne has remained steady at $535,000 in the June quarter.
REIV chief executive officer Enzo Raimondo said that a combination of broader economic factors, slowing population growth and continuing low levels of consumer confidence have resulted in no real growth in the residential market this year.
“The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity,” Mr Raimondo said.
“The median price has fallen 5.3 per cent over the past 12 months but, as the overall median has not changed in the past six months, this indicates that the market has plateaued and is likely to remain like this until confidence improves.”
