17 Cleeland Court, Roxburgh Park comes with an affordable $400,000-$420,000 price tag that has made it popular with buyers.
MELBOURNE’S property market might be softening, but nobody told the city’s battler ‘burbs.
For the past 12 months house prices have soared at least 14 per cent in 10 of the city’s more affordable suburbs, according to Real Estate Institute of Victoria quarterly figures.
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“There is a perception that Melbourne’s property market has softened, but this is not the case in the outer ring in particular,” said REIV president Robyn Waters.
“The latest REIV data shows that affordable suburbs in Melbourne’s outer ring are coming out on top when it comes to property values.”
And affordable doesn’t mean cheap, with functional living spaces part of the offering at 17 Cleeland Court, Roxburgh Park.
A combination of rising first-home buyer numbers and tighter lending conditions had sparked growth across Melbourne’s affordable suburbs, with seven of the top performers home to a median house price below $600,000.
“The median house price in most of these suburbs is sitting well below the metropolitan Melbourne median of $834,000 and is therefore accessible for first-home buyers, mum and dad investors and downsizers who want value for money,” Ms Waters said.
“I think we will see value in these areas, and other growth suburbs, continue to increase as new infrastructure and facilities come online.”
Raine & Horne Roxburgh Park’s Adam Jurdi said the suburb was just getting started after its median house price shot up more than $88,000 (18.9 per cent) to $555,000 in a year — the second biggest increase in Melbourne.
“For the past 15-18 months it has just blown up out of nowhere,” Mr Jurdi said.
“In 2012 if you sold for $500,000 you were the king of kings.
“Now if you get one for under $550,000 you have got it cheap.”
A reputation for family-friendly streets and affordable house prices was luring everyone from first-home buyers to families, downsizers and investors.
“It’s about time Roxburgh Park caught up with the rest of the Melbourne market. People have just woken up to it,” Mr Jurdi said.
Despite the rising prices, homes like the three-bedroom offering at 17 Cleeland Court, Roxburgh Park can still be bought for as little as $400,000-$420,000.
The low-maintenance property comes with landscaped gardens, a horseshoe driveway and open-plan living zones.
However, there might be more than meets the eye for the city’s biggest growth suburb, Keysborough, according to Ray White’s Allison Grant.
76 Keysborough Rd, Keysborough is the sort of expansive property that could skew the median in the suburb.
The median house price rose 20.9 per cent to $872,750.
A strong start to the year and a number of properties on 2ha or more of land selling for anywhere between $2 million and $14 million would have helped mask a market that had begun to slow in the past few months, Ms Grant said.
“Property is still selling, but the urgency to buy has dropped off,” Ms Grant said.
“It is a family area, it’s well placed for a mix of government and private schools and buyers seeking a new build go here instead of Noble Park or Dandenong.”
The house at 76 Keys Rd comes with a multimillion-dollar asking price.
The three-bedroom house on more than 2ha of land at 76 Keys Rd, Keysborough was the kind of home likely to have impacted the growth figures, Ms Grant said.
With a $2.9-$3.19 million asking price, its substantial size and position on the fringe of the suburb marked it as a vastly different home to those typically sold in the suburb.
While larger blocks are being developed, some people are buying homes like 76 Keys Rd to land bank or live in.
BATTLER ‘BURBS BEATING THE REST
Suburb — Median house price — year’s growth
Keysborough — $872,750 — 20.9%
Roxburgh Park — $555,000 — 18.9%
Officer — $546,500 — 17%
Wyndham Vale — $485,000 — 15.7%
Rosebud — $597,000 — 15.7%
Pakenham — $527,000 — 15.2%
Wollert — $602,450 — 15.2%
Mernda — $582,000 — 15%
Hoppers Crossing — $581,000 — 14.9%
Cranbourne North — $611,000 — 14%
*Source: REIV September Quarter Data