Epping has been named as one of Melbourne’s top growth suburbs after median house prices rose almost 11 per cent in the first three months of the year.
Latest data from the Real Estate Institute of Victoria shows that the median house price rose from $411,000 in December 2015 to $455,250 (10.8 per cent) in March.
Only Malvern recorded a greater increase in house prices (13.7 per cent).
The institute also listed Mill Park and Doreen as being among Melbourne’s top 10 growth suburbs. Median house prices in Mill Park rose 8.2 per cent from $495,000 in December to $536,000 in March. In Doreen, median prices rose from $475.000 in December to $511,000 in March (7.6 per cent).
‘Catch-up game’
Barry Plant Epping sales manager Frank Romeo was not surprised by the increase in Epping prices, believing the suburb was playing “a catch-up game” with surrounding suburbs such as Mill Park, Thomastown and Lalor.
He expects prices in Epping will continue to rise this year as more buyers turn their attention to the suburb.
Mr Romeo said Melbourne Market, which opened on Cooper Street last year, and Northern Hospital were helping to bring jobs into the area, which was filling buyers with confidence.
He said buyers were attracted to the area because it had good infrastructure and freeway access.
“Buyers are seeing the benefits of the area,” he said.
REIV president Geoff White said outer suburbs such as Epping were presenting buyers with value.
“Twelve of the top 20 growth suburbs were in outer Melbourne,” he said. “This signals continuing buying demand as home buyers look for value further from the CBD.”
Meanwhile, Craigieburn and Mernda have been listed among Melbourne’s most affordable suburbs, with both recording a drop in prices in the first three months of the year.
In Craigieburn, median prices fell 0.7 per cent from $420,000 in December to $417,000 in March, while Mernda experienced a drop of 5.1 per cent to $427,000.
