New data has revealed five Melbourne suburbs that have experienced significant growth in house prices, auction volumes and sales.
Figures recently released by the Real Estate Institute of Victoria (REIV) show that suburbs in the outer north of Melbourne have experienced solid growth in median house prices, auction volumes and sales, compared with the corresponding data from 2015.
Craigieburn led the way, with auction volumes increasing 45 per cent and sales up a significant 88 per cent over 2015 figures.
In the year to date, 126 homes have sold under the hammer in the outer Melbourne suburb, up from 67 in the same period last year.
Craigieburn’s median house price has also increased, up 10 per cent on March 2015 to $417,000.
South Morang has also experienced growth, with auction volumes up 62 per cent and annual house price growth of 7.4 per cent to a median of $458,500.
Higher auction volumes delivered strong results for vendors in the suburb, with 56 homes selling at auction in the year to date – a 93 per cent increase compared with 2015.
Epping, Thomastown and Roxburgh Park also experienced significant growth in median house prices, auction volumes and sales.
REIV president Geoff White said growth in Melbourne’s north is being driven by buyers seeking affordability.
“These up-and-coming suburbs in the city’s north are relatively affordable and offer buyers great value for money,” he said.
“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.”
He added: “Suburbs in Melbourne’s north are quickly gaining popularity with buyers”.