By Matthew Sims
South Morang has recorded an annual increase of more than 15 per cent in median house sale prices, according to Real Estate Institute of Victoria’s (REIV) March quarterly report.
In Craigieburn, the median house sale price for the first quarter of 2022 was $681,000, which was a 3.8 per cent quarterly increase and a 12.9 per cent annual increase.
The median house selling price for Epping during the January to March 2022 period was $685,000, which was a four per cent decrease from the last quarter of 2021 but a 7.4 per cent spike compared to the first quarter of 2021.
In Broadmeadows, median house prices experienced a small jump of 1.3 per cent this quarter compared to last quarter to reach $684,000, which was a 2.5 per cent annual increase.
South Morang saw one of the largest annual boost in median sale prices, jumping from $660,000 in the first quarter of 2021 to $778,000 in the first quarter of 2022, which was a 17.9 per cent annual increase and a 3.9 per cent quarterly jump.
While the report highlighted a 9.8 per cent annual increase in the median house sale price in Mickelham, there was a slight quarterly decrease in the median house sale price of 1.7 per cent to $650,000.
Mill Park recorded the highest median sale price in the north at $825,000, which was a 2.5 per cent quarterly jump and a 14.6 per cent annual increase.
Harcourts Rata & Co director Alex Doucas said that the market in the north is “still quite active”.
“Generally, it’s going well,” he said.
“We cover the whole west, where there is value for money.
“Thomastown did really well last week.”
Mr Doucas said while there had been reduced activity at open inspections, prices over the past week had “smashed the reserve prices”.
