By Jessica Micallef
Sunbury has been named one of Melbourne’s best performing real estate suburbs, new figures reveal.
The Real Estate Institute of Victoria (REIV) recently released its June 2019 quarterly and annual data, revealing Sunbury has kept its top-five spot for annual median house price growth.
Sunbury ranked number one as Melbourne’s best performing market in the past year, with a median house price at $545,000 as of June 2019, up 2.3 per cent on the previous year.
REIV president Robyn Waters said Sunbury was one of only five Melbourne suburbs to record a positive median house price growth.
“The only suburbs that seemed to escape the property market correction this financial year were Sunbury, Donvale, Ascot Vale, Officer and Cranbourne North,” she said.
“Growth suburbs of Officer and Sunbury retained their position in the top-five list for annual median house price growth for the second consecutive quarter.”
In the Macedon Ranges, Woodend was ranked sixth as one of Melbourne’s top-performing growth towns between March and June this year, with a median house price of $792,500, up 5.2 per cent from $753,000 in March.
The median house price in regional Victoria increased by 3.8 per cent to $404,500, up from $390,000 in the past 12 months.
“Regional Victoria has done well in the past financial year,” Ms Waters said.
Melbourne’s top performing suburb was Mornington, with a median price increase of 18.5 per cent since March.
“The Melbourne property market has created ideal opportunities for those wanting to trade up,” Ms Waters said.
Overall, the median house for Melbourne is at less than $900,000 for the first time in almost three years.
Ms Waters said REIV’s June 2019 quarterly data report showed the median house price of $894,000 is the lowest it’s been since September 2016 and is down 1.8 per cent from $910,000.
“Two recent interest rates cuts and APRA’s [Australian Prudential Regulation Authority] advice to relax lending standards are among the factors that have cultivated an environment conducive to upsizing,” Ms Waters said.
“Melbourne’s median house price fell 2.4 per cent to $785,000.”