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 Prices through the roof as house demand soars 

Prices through the roof as house demand soars

09 Mar, 2010 08:25 AM
BRIMBANK'S median house price is expected to surge beyond $400,000, experts believe.

With Melbourne's property market showing no signs of slowing, Taylors Lakes real estate agent Dean Crisapulli said the market was strong across Brimbank.

He said every sign suggested April figures for the median house price would go beyond $400,000 in the municipality.

Real Estate Institute of Victoria's December quarter data revealed the median house price for Brimbank was $385,000.

But Mr Crisapulli said that was now the starting price for most houses in Brimbank. "We would see $380,000 as probably the entry level, not a median any longer, from the properties that we're selling.

"If you consider suburbs like Taylors Lakes, Keilor Downs and Keilor, there's not much under that amount any more and even when you get out a bit further, a three-bedroom unit that was in the mid-$300,000s has gone up."

REIV spokesman Robert Larocca said a reasonable price growth was expected in the coming months.

"We won't know what Brimbank has reached in the March quarter until the middle of April. However, what we have noticed generally in the property market in Melbourne this year is that land is very strong and we would expect to see a reasonable price growth, particularly in some of the city's most affordable suburbs of which Brimbank is one," Mr Larocca said.

Two-thirds of auctions in St Albans resulted in a sale, with 91per cent sold in Sunshine, he added.

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