Middle-ring suburbs in Melbourne’s north are defying the property market cool down as buyers chase affordable homes within reach of the city.
Latest data from the Real Estate Institute of Victoria reveals median house prices shot up about 20 per cent in Dallas, Roxburgh Park, Meadow Heights, Craigieburn and Broadmeadows.
The Hume municipalities are among 70 Melbourne suburbs and 10 middle-ring areas bucking the cooling trend to record double-digit growth.
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They outperformed wider Melbourne, which recorded a 5 per cent median house price increase to $834,000 in the same period.
Dallas was a star performer, coming in second on the list after the Yarra Ranges township of Millgrove, which jumped 30.8 per cent to a $401,500 median from 31 sales.
The median price in Dallas climbed 26.6 per cent in the 12 months to September to hit $529,500 from 55 transactions.
Roxburgh Park and Meadow Heights were among the top 15 on the list, with Roxburgh Park’s median lifting to $555,000 on the back of an 18.9 per cent jump across 154 sales, while Meadow Heights’ median rose 18.4 per cent to $572,500 from 60 transactions.
A total of 617 houses were sold in Craigieburn, which recorded a 13.1 per cent lift to $560,000, and in Broadmeadows the median increased 10.4 per cent to $557,000 with 87 houses changing hands.
REIV president Robyn Waters said affordability was a key reason these suburbs were still enjoying strong growth.
“It’s not all doom and gloom,” she said.
“These markets are still quite viable as people, particularly first-home buyers, are having to move further out.”
Jason Real Estate’s Romeo Sassine said the market remained steady in Dallas.
“It attracts buyers looking for entry-level homes with good capital growth not far from the city, highways, transport and schools,” he said.
Mr Sassine pointed to the auction of the four-bedroom house at 17 King St that attracted three bidders in August and was snapped up by a family for $555,000.
“The owners paid $390,000 for the home in 2016,” he said.
“That’s a $165,000 price jump in two years.”
Raine & Horne’s Adam Jurdi described Roxburgh Park as a family friendly suburb with strong infrastructure.
“There is a good variety of affordable homes here, from two-bedroom units to five-bedroom mansions,” he said.
“There’s no need to spend big money to live in a nice home with a big backyard close to everything.”
Mr Jurdi said open house inspections still drew good numbers, while multiple bidders competed at auctions.
Five prospective buyers recently fought for a modest three-bedroom house at 17 Cleeland Court that sold to first-home buyers for $511,000.
“It sold a whopping $111,000 above the reserve price,” Mr Jurdi said.
Genuine buyers armed with pre-approvals from the bank were actively looking for homes in the area.
“And if houses are priced right and presented well, they will sell beyond expectations,” Mr Jurdi added.
SUBURB PROFILE: DALLAS, ROXBURGH PARK