Epping branded a ‘gold mine’ after being named Melbourne’s second fastest growing suburb for house prices
THE suburb of Epping has been branded a “gold mine” by local real estate agents after being ranked second in a list of Melbourne’s fastest growing patches for median house-price growth.
A jump in median house prices during the first three months of the year has propelled Epping, Mill Park and Doreen into the Real Estate Institute of Victoria’s list of top 10 growth suburbs for the first three months of 2016.
Epping had a median house price rise of 10.8 per cent to $455,250, outpaced only by the leafy enclave of Malvern East.
Median house prices in Mill Park, ranked eighth, grew 8.2 per cent to $536,000, while prices in ninth placed Doreen increased 7.6 per cent to $511,000.
REIV President Geoff White said this showed there was strong demand by homebuyers who were looking for value further from the CBD toward the outer northern suburbs.
Iconek Estate Agents’ Alen Hewson said Epping was a “gold mine”.
“Epping homeowners are sitting on a gold mine,” Mr Hewson said.
“It’s been a sleeping giant for so long but now everyone is waking up to it.”
Mr Hewson said he expects property prices to rise by 5 to 8 per cent in the next few months due to an increase in demand and a shortage of supply.
Underpinning these hopes was the recent auction of a three-bedroom house at 20 Echuca Way, Epping.
The house sold for $730,000, an unprecedented result for a single-storey house in Epping’s Lyndarum Estate and one that would send a ripple through the suburb, according to Mr Hewson.
The property generated plenty of interest when it came on the market, he said.
About 140 groups visited the home during its marketing campaign, and there was a crowd of 100 people at auction, including six bidders who had come from a mix of neighbouring suburbs and as far away as Sydney.
But it was an elderly couple from Epping looking to downsize who paid well above the reserve to purchase the house, Mr Hewson said.
Love Epping’s Jim Kalakias believes rising demand and low stock levels are driving up prices in Epping, with houses selling quickly and beyond owner’s expectations.
A three-bedroom house at 2 Dempsey Court, Epping, sold before auction for $410,000 — $15,000 more than the owner’s reserve price.
“About 42 groups visited the home that was on the market for only three weeks,” Mr Kalakias said.
“Two buyers competed for the home and the owner accepted the offer from first-home buyers who were living in an inner-city suburb.”
The buyers were attracted to the house because it was renovated and located close to Pacific Epping shopping centre and train station. Mr Kalakias said.
Buyers, particularly from Preston and Reservoir, are moving up the trainline to Epping for the affordable homes, quality infrastructure and employment opportunities, he said.