The median house price in Thomastown dropped 11 per cent in the last quarter of 2022 and $121,000 in the 12 months to December, new figures reveal.
According to the latest Real Estate Institute of Victoria (REIV) data, Thomastown median house prices dropped by $81,000 in between October and December 2022, with the medium house price sitting at $650,000.
Capital and Co Real Estate Thomastown director Jeevan Jey said while the market has dropped in Thomastown, it is a problem in all the suburbs he sells in.
“People are holding on [to their money] because of the media hype [about] interest rate hikes,” he said.
“April onwards was pretty tough but there has been a lot of activity in this past month [and] now everyone is coming on to the market at the same time.”
Mr Jay said buyers from neighbouring suburbs were gravitating towards properties in Thomastown.
“Thomastown is close to the city, freeway, shops, and there is decent size land available,” he said.
“People who can’t afford Reservoir jump into Thomastown.”
Mr Jay said most buyers in Thomastown are looking for newer houses as opposed to older houses which need renovations.
Prices also fell in the neighbouring suburbs of Lalor and Tullamarine.
In Lalor the median house price dropped 6.8 per cent in the last quarter, with the median house price sitting at $640,000. Similarly, in Tullamarine the median house price dropped 6.2 per cent in the last quarter with the median house price sitting at $685,000.
There is better news for those in Wollert and Epping, with the median house price increasing in the last quarter by 8.5 per cent and 2.7 per cent respectively. In Wollert the medium house price sits at $738,000 and in Epping houses sit at $675,000.
The median house price in metropolitan Melbourne dropped by 3.3 per cent during 2022 to $1,040,000.
