This article is from the Australian Property Journal archive
HOMEBUYERS are flocking to Melbourne’s north with new data showing sales in some suburbs have soared by 88% in the past 12 months.
According to the REIV, the outer north is particularly popular with Craigieburn leading the way, with auction volumes increasing 45% and sales up a significant 88% over 2015 figures.
In the year-to-date, 126 homes have sold under the hammer in Craigieburn, up from 67 for the same period last year. The median house price has also increased, up 10% over March 2015 to $417,000.
South Morang was another strong performer, with auction volumes jumping by 62% and annual house price growth of 7.4% to a median of $458,500. Higher auction volumes delivered strong results for vendors in the suburb, with 56 homes selling at auction this year – a 93% increase over 2015.
Other areas performing well at present include Epping andThomastown, along with Roxburgh Park.
REIV CEO Geoff White said growth in Melbourne’s north was driven by buyers seeking affordability.
“Suburbs in Melbourne’s north are quickly gaining popularity with buyers.
“These up-and-coming suburbs in the city’s north are relatively affordable and offer buyers great value for money. While Melbourne’s south-eastern suburbs saw some of the strongest auction volumes and price growth last year, buyers are now looking at alternative areas of Melbourne,” White said.
MELBOURNE’S TOP AUCTION/SALES SUBURBS: CITY’S NORTH (YEAR TO DATE)
| TOP SUBURBS: MELBOURNE’S NORTH | AUC 2015 | AUC 2016 | SALES 2015 | SALES 2016 | AUC CHANGE | SALE CHANGE | MAR Q 2016 V MAR Q 2015: PRICE GROWTH | MAR 2016 MEDIAN HOUSE PRICE |
| CRAIGIEBURN | 108 | 157 | 67 | 126 | 49 | 59 | 10.0% | $417,000 |
| SOUTH MORANG | 52 | 84 | 29 | 56 | 32 | 27 | 7.4% | $458,500 |
| BRUNSWICK | 116 | 145 | 87 | 110 | 29 | 23 | 11.0% | $915,000 |
| EPPING | 108 | 130 | 76 | 88 | 22 | 12 | 9.5% | $455,250 |
| ROXBURGH PARK | 22 | 39 | 14 | 28 | 17 | 14 | 2.4% | $387,500 |
| THOMASTOWN | 78 | 91 | 62 | 67 | 13 | 5 | 5.7% | $498,250 |
| COLLINGWOOD | 30 | 40 | 23 | 35 | 10 | 12 | 17.4% | $905,000 |
| MERNDA | 13 | 20 | 5 | 12 | 7 | 7 | 6.9% | $427,000 |
Australian Property Journaliv,
