Caroline Springs one of Melbourne’s top 10 suburbs for house price growth
A SIGNIFICANT jump in house prices during the first three months of the year has propelled Caroline Springs to a top 10 list of growth suburbs in Melbourne.
The median house price rose 9.6 per cent from $520,000 in December 2015 to $570,000 in March this year, according to the Real Estate Institute of Victoria.
Caroline Springs was fourth on the list after Malvern East, Epping and Bentleigh East. Other suburbs on the list included Mill Park, Doreen and Preston.
REIV President Geoff White said this showed strong demand from home buyers who were looking for value in the outer north and northwest suburbs.
Crane Real Estate’s Anthony Orellana said the lifestyle opportunities, affordability and proximity to freeways were drawing buyers to Caroline Springs.
“It’s a great place to live,” Mr Orellana said.
The shopping centre, parks, lake, walking tracks and schools are all within walking distance of well-designed estates, he said.
“All buyers are catered to, from those looking for their first home to those upgrading to million-dollar properties,” he said.
That includes buyers from interstate.
A homebuyer from New South Wales recently fell in love with a custom-built, four-bedroom house at 8 Broadway, Caroline Springs.
They paid $605,000 — $25,000 more than the owner’s price — to secure the one-of-a-kind home, Mr Orellana said.
“The property was on the market for only a week,” he said.
“About 37 groups visited the home during the first inspection, including four buyers who made offers soon after their first visit.”
The buyers moved to Caroline Springs to live closer to family and because they were attracted to the lifestyle, Mr Orellana said.
Another Caroline Springs property that sold quickly was a three-bedroom house at 37 Aberfeldie Way.
“Five offers were made on this home that was on the market for less than two weeks,” Mr Orellana said.
The buyers were from St Albans and had been attracted to the home’s presentation and position. They paid $543,000 — $23,000 more than the owner’s price — for the property, he said.
There was also plenty of interest in a three-bedroom house on a 312sq m block at 43 Dahlia Drive, Caroline Springs.
Brad Teal’s Robert Talevski said the property sold for $445,000 to buyers who were downsizing.
“This was a good price considering the size of the house and land,” Mr Talevski said.
Strong demand is driving house prices up and there are at least two to three offers on each home, he said.
“There is strong competition for homes in the $400,000-$650,000 range,” Mr Talevski said.
“An average of 10 groups attend each inspection and properties are sold within 3-5 weeks.
“Most buyers are local or from one to two postcodes away.
“The main drawcards are the recreational facilities, good schools, and the train station, which will be completed soon.”