A state-wide institute’s new data released revealed that one municipality in Melbourne is becoming a hotspot for properties. According to the Real Estate Institute of Victoria (REIV) multiple suburbs within the Nillumbik Shire council area are experiencing house price growth for the quarter.
Despite the decline in house prices in Melbourne, median prices, specifically in Elthan and Greensborough increased. Melbourne crashed to 1.4 per cent over the quarter to $793,000, while Elthan rose 7.3 per cent to $950,000 and Greensborough increased by 6 per cent up to $808,000 in the same quarter, according to $793,000, REIV president Robyn Waters.
“Melbourne’s Green Wedge Council proved to be our property hotspot for the first quarter of 2019 as the area’s idyllic surrounds and enviable lifestyle boosted house values. You can still get impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars,” Ms Waters told Smart Property Investment.
“Consistent with 2018 trends, some outer areas continue to do well, with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1 per cent increase, Mulgrave is at number four with a 4.7 per cent increase, and Point Cook in fifth place, also with a 4.7 per cent increase.
“Interestingly, we are also starting to see signs of recovery in Inner Melbourne, with Glen Iris and Balwyn North making the top 10 this quarter, recording increases of 4.3 per cent and 4.2 per cent, respectively,” she added.
REIV provided a list of the top metro suburbs that experiences house growth:
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