Median house prices across the Hume and Whittlesea regions have experienced a sharp divide over the last quarter, with affordable family suburbs recording strong gains, while some higher-end areas experienced notable declines, according to recent figures from Real Estate Institute of Victoria (REIV).
Yarrambat in Whittlesea experienced the highest climb in the north, soaring by a 25.7 per cent increase over the year to a $2.3 million median house price, defying broader marketing trends.
More modest quarterly gains were seen across Thomastown, with a 5.8 per cent increase to a new median price of $815,000, Doreen at a 4.1 per cent increase to $813,000 and Lalor, which experienced a 3.6 per cent increase to a new median price of $782,000.
Wollert and Mill Park were the only suburbs in the area to experience minor decreases with 2.1 per cent and 0.9 per cent falls respectively.
In Hume, Tullamarine led with the strongest growth in the municipality with a 12.5 per cent quarterly increase to $840,000.
Dallas rose 11.9 per cent over the quarter with a new median house price of $610,000, while Coolaroo followed with a 12.6 per cent increase to $608,000.
Jacanna and Roxburgh Park were also among suburbs which experienced major growth, with both climbing 11.6 per cent while Broadmeadows experienced a 5.6 per cent rise.
YPA Hume City’s effective control officer Ali Faour explained Hume’s growth can be attributed to the land size and convenience of the areas.
“They’re some of the most affordable areas in the region in terms of land size and value,” he said.
“The land area is bigger, they’re closer to the airport and the CBD. It’s about affordability and value.”
Other areas experienced a decrease, with Attwood showing the steepest fall as prices dropped 15.5 per cent annually to a median of $877,000, while Campbellfield and Greenvale also declined, down by 7 per cent and 6.7 per cent respectively.
Mr Faour said buyers, who are mainly investors from interstate, are moving away from these areas.
“The prices are causing investors to shy away from these areas,” he explained.
“When properties are noticeably more affordable, they’re more attractive to the buyers agents we’re seeing a lot of.”
