By Alesha Capone
Werribee and Point Cook have been named among the top 10 growth suburbs for median house prices in metropolitan Melbourne, in the September quarter of this year.
Figures released by the Real Estate Institute of Victoria (REIV) last week placed Point Cook as the fourth-highest on the list.
Between the June and September quarters of this year, the median house price in Point Cook increased from $640,00 to $655,000 (a 2.3 per cent rise).
Werribee placed seventh on the list, with a rise in its median price from $502,000 to $505,000 (an 0.6 per cent rise).
Glen Waverley placed firstt, with its median house price growing from $1.22 million to 1.3 million (an increase of 6.4 per cent), followed by Frankston (where median prices increased 3.8 per cent to $620,000) and Doreen (where median prices grew by 3.6 per cent to reach $521,000).
In terms of annual median price growth, Point Cook’s median price actually fell by 0.8 per cent, compared to the September quarter last year.
But Werribee’s median price actually increased by 3.6 per cent, when compared to September last year.
Across Melbourne, house values fell by 1.7 per cent during the September quarter to a median price of $846,000 – however, this amounted to 7.4 per cent in annual growth.
REIV President Leah Calnan says Victorian property values were continuing “to defy gloomy price predictions and are holding firm despite six months of the coronavirus pandemic”.
“Despite six months of Covid-19, lockdowns and moratoriums, the Victorian property market continues to prosper with properties remaining more valuable than they were in 2019” Ms Calnan said.
“Our members have faced so many challenges in 2020, their work and efforts are evidenced in the September quarter results.
“REIV market statistics are based on results directly sourced from agents and government records and provide a true picture of Victorian real estate”
