Dwelling prices rise

(Tom Rumble/Unsplash)

Dwelling prices in Melbourne’s north-west have increased 2.9 per cent in the last 12 months, pushing up the median price to $710,446, new data has revealed.

According to the latest data from CoreLogic released on February 1, this increase for the North West Melbourne SA4 includes Macedon Ranges, Sunbury, Tullamarine-Broadmeadows, Keilor and Moreland North.

The Greater Melbourne median increase was 3.9 per cent with the outer east increasing most in the city at 6.9 per cent. The national median increase was 8.7 per cent.

CoreLogic research director Tim Lawless said the Macedon Ranges was the only sub-region to record a drop in dwelling values over the year, down half a percent.

“However this was also one of the stronger growth regions through the pandemic,” he said.

“Following a 21.6 per cent rise in values through the pandemic growth phase, the market remains 8.2 per cent below the peak in February 2022.

“House values have risen at a slightly faster rate than unit values across the north-west, up three per cent over the past 12 months compared with a 2.4 per cent rise in unit values.”

Mr Lawless said the softest growth conditions over the past 12 months have been centred within the regions with lower dwelling values.

“Across Melbourne, the quarter of the market with the lowest dwelling values were up 2.5 per cent over the year compared with a 4.4 per cent gain in values across the upper quartile,” he said.