South Morang has been named as one of Melbourne’s top suburbs for property price rises as the resurgence of the real estate market continues in the outer north.
The median house price in South Morang rose to $665,500 in December 2019, up 9.9 per cent from September 2019, according to new data from the Real Estate Institute of Victoria.
The REIV included South Morang in its top 20 growth suburbs by median house price for December 2019.
The median house price in South Morang is now at it’s highest level since March 2018, when it reached $700,000.
Ray White South Morang director Nick Petrovski said the South Morang housing market finished 2019 strongly, with consumer confidence growing.
“Based on the level of enquiries and the open for inspection numbers, we know it is going to kick-off where it left off,” he said.
“People are feeling a lot more comfortable.” Mr Petrovski said South Morang offered buyers better value for money than neighbouring Mill Park and Bundoora.
The REIV data shows several other Whittlesea and Hume suburbs recorded median price rises of more than 6 per cent in the three months to December 2019.
The median price in Broadmeadows rose 7.8 per cent to $564,000, while Doreen’s median price climbed by 7.4 per cent to $650,000.
In Roxburgh Park, the median price grew by 6.9 per cent to $566,000, and in Lalor, the median house price rose by 6.5 per cent to $632,000.
Melbourne’s median house price is now $850,000, up 3.7 per cent from September, the REIV said.
