Mon Jun 6

Melbourne’s north runs hot as winter sets in

As Melbourne heads into winter, the north of the city is running hot with strong auction volumes, sales and price growth.

New REIV data shows that the outer north is especially solid - Craigieburn is leading 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 for the same period last year. Craigieburn’s median house price has also increased, up 10 per cent over March 2015 to $417,000.

Growth has also been recorded in South Morang, 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 this year – a 93 per cent increase over 2015.

Other areas performing well at present include Epping and Thomastown, along with Roxburgh Park.

REIV Chief Executive Officer, Geoff White, said growth in Melbourne’s north was 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.”

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