House prices jumped about 10 per cent in just the three months to September in outer suburbs including South Morang and Doreen, new data reveals.
Real Estate Institute of Victoria (REIV) figures show South Morang recorded the strongest growth in house prices of any suburb in Whittlesea in the September quarter, with the median price rising 11.3 per cent, to $550,750. In Doreen, the median price rose by 8.2 per cent to $530,000.
Harcourts Mill Park-South Morang director Daniel Taylor said Whittlesea’s outer suburbs were popular with buyers looking for affordable properties close to public transport, community facilities and infrastructure.
He said the $588 million Mernda rail extension is helping attract buyers. The South Morang line will be extended to Mernda with new stations at Mernda and South Morang’s Marymede Catholic College, and a third station being considered at Hawkstowe Parade,
“The infrastructure promises are encouraging people to live in South Morang, Doreen and Mernda,” Mr Taylor said. “People are not put off by living further out.”
Mr Taylor said buyers are also turning to outer suburbs because of “incredible” increases in house prices in Bundoora and Mill Park.
According to the REIV, the median house price in Mill Park is $565,000 – an increase of 6.6 per cent from June. But Mr Taylor said it was not uncommon for properties in the suburb to sell for $900,000. REIV lists Bundoora’s median house price as $650,000.
Mr Taylor said overall, Whittlesea’s real estate market is experiencing “unprecedented” growth. However, median house prices in the municipality remain below the Melbourne-wide median of $740,000.
REIV chief executive Geoff White said Melbourne’s residential market is showing no signs of slowing down ahead of summer.
“Everything is aligned for sellers,” he said.
