Taylors Lakes recorded the sharpest increase in median house price across the Brimbank municipality in the March quarter, while Keilor Park entered the million-dollar club for the first time, according to new data.
Real Estate Institute of Victoria’s (REIV) quarterly data revealed a median house price of $1.1 million in Taylors Lakes, jumping 15.8 per cent from the previous quarter.
Ray White Taylors Lakes director Peter Travlos said the surge has been driven by increased competition.
“The suburb is consistently seeing renovations occur so there aren’t that many homes going for sale,” he said. “People are preferring to remain in the area and renovate.
Mr Travlos, who has been a Taylors Lakes resident for more than 20 years, said new generations of families are choosing to stay in the suburb too.
“We’re seeing a lot of activity coming from people that have grown up in the area,” he said.
“Kids are starting to have their own families and re-buy into the area to be close to their family.”
He said recent investments into schools, public areas and gym facilities have also been a drawcard for potential buyers.
“The area’s doing well. The schools are doing well. Why wouldn’t you want to bring up a family in that suburb?”
Keilor Park recorded the second highest increase in median house price during this year’s March quarter, increasing 12.8 per cent to $1 million.
Derrimut, Sunshine and Keilor came in third, fourth and fifth, recording an increase of 10.3 per cent to $892,000, 8.9 per cent to $950,000 and 8.5 per cent to $1.3 million respectively.
The suburb that recorded the biggest drop in median house price was Delahey, which fell 8.7 per cent to $708,000.
This was followed by Hillside where median house prices fell 2.3 per cent, sitting at $841,000.
Deer Park, Kings Park and Keilor Downs rounded off the bottom five, recording decreased median house prices of 1.8 per cent to $713,000, 1.7 per cent to $710,000 and 1.3 per cent to $895,000, respectively.
According to REIV, median house price growth remained consistent across metropolitan markets during the March quarter, rising 1.9 per cent.
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