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Homes booming
By Alesha Capone
9th March 2010 11:05:11 AM
PROPERTY prices have been booming across Brimbank and Melton, with median house costs in some suburbs increasing by almost a third.
In the latest Real Estate Institute of Victoria figures, St Albans, Sunshine and Sunshine North were listed in the top 20 metropolitan areas which had experienced the most growth in average annual house prices.
From 2008, St Albans house prices rose by 28.6 per cent to $360,000 in December 2009.
Sunshine prices grew 28.5 per cent to $426,000.
In addition, the Sunshine North house median price experienced a growth of more than 26 per cent, to $395,000. Keilor Downs, Keilor East, Sydenham and Sunshine West median house prices increased about 20 per cent, Keilor rose 17 per cent and Kings Park 14 per cent.
As well, unit prices in St Albans rose 15.5 per cent during the last three months of 2009.
Metro Real Estate agent Chris Ho, who has been in the business for 17 years, said the present situation meant there were more buyers than sellers in the market.
Boran Real Estate property consultant Meli Marovic said in her experience, the average house price had been rising since April last year.
Ms Marovic said she sold a Sunshine property in April 2009 for $400,000, which she was selling again for $470,000.
“For first home buyers, for young ones, it will be hard to start here,” she said.
“It was really, really cheap before and is now just trying to catch up.”
She said another reason for the housing price boom could be newer developments in Derrimut, Glengala and Callaway Park in Sunshine West driving up prices in adjoining areas.
Although million dollar houses seem to be quite rare in Brimbank and Melton, there was one in Caroline Springs last week.
Boran Rusinovic from Delfin Lend Lease said the four-bedroom residence in Lonsdale Court was “quite unique” for the area.
He said the second-most expensive house he had sold in the suburb was a $680,000 house last year.
He said the property market was “definitely booming for Caroline Springs,” possibly because there were only about 300 homes out of 8000 left for sale in the suburb.
Last week, Deer Park also had a house being offered for sale at $920,000.
Cameron Marrs from Barry Plant Real Estate said this was “quite unique for Deer Park”.
Sean Spencer from Respect the West said one downside of the real estate boom was “it is making housing unaffordable for a lot of people.”
“It’s pushing working people out of the housing market,” he said.
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