House prices in Brimbank largely held firm despite prices dropping across greater Melbourne last financial quarter, however there were some fluctuations across parts of the municipality.
The latest data from the Real Estate Institute of Victoria (REIV), show greater Melbourne experienced a 2.2 per cent drop in median house prices, but only three of the 31 suburbs in Brimbank fell by this amount or more.
There were 17 suburbs that recorded a rise in median value, while another six either experienced either no change or didn’t sell enough houses for measurable data.
Keilor remained the most expensive suburb to buy a house in Brimbank, with the suburb experiencing a quarterly price increase of 10 per cent, raising the median house price to $1.32 million.
The median house price in Delahey and Taylors Hill also jumped significantly, with the suburbs recording a quarterly price increase of 17.6 per cent and 15.4 per cent respectively – the two largest increases for Brimbank. The increase raised the median house price in Delahey to $700,000 and in Taylors Hill to $960,000.
Just next door to Taylors Hill, Burnside Heights recorded the largest drop in median house prices, falling by 10.4 per cent to $686,000.
Deer Park was a close second recording a 10.2 per cent decrease in median house prices, with a median house price of $613,000.
YPA Estate Agents Caroline Springs sales consultant Andrew Migliorisi said Taylors Hill had always been a “hotspot” suburb.
“The land is bigger than the newer suburbs around… which might contribute. Fraser Rise, for example, you get big-house-small-block, while Taylors Hill is big house on big block,” he said.
Mr Migliorisi said that in his experience, not a lot of houses were sold in Burnside Heights, so the price slump may be coming from a small data pool, however, another contributor may be that houses were being sold while they were leased, which reduces competition.
In both Sunshine and Braybrook the median house price rose by 11 per cent to $840,000 and 10.9 per cent to $765,000 respectively.
With a slight increase of 0.8 per cent, Albanvale remained the cheapest suburb to buy a house in the municipality with a median price of $605,000.