Craigieburn, South Morang, Epping, Thomastown and Roxburgh Park are performing strongly as buyers seek affordability.
As Melbourne heads into winter, the north of the city is running hot with strong auction volumes, sales and price growth.
New Real Estate Institute of Victoria data shows that the outer north is especially solid. Craigieburn is leading the way, with auction volumes increasing 45% and sales up a significant 88% 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 increased 10% over March 2015 to $417,000.
Growth has also been recorded in South Morang, with auction volumes up 62% and annual house price growth of 7.4% to a median of $458,500. Higher auction volumes have delivered strong results for vendors in the suburb, with 56 homes selling at auction this year – a 93% increase over 2015.
Other areas performing well at present include Epping and Thomastown, and 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.
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