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Melton tops in affordable housing

24 Jan, 2012 01:00 AM
MELTON remains in the enviable position of being Melbourne's most affordable suburb, according to new data released by the Real Estate Institute of Victoria.

That comes as no surprise to Melton Residents' Association president Peter Rowan.

"Young families can easily move out west. And people are starting to realise geographically what a good location Melton is," he said.

"It's 32 minutes travel to the city, a 35-minute train commute. We're well within striking distance of country, city and beach, depending on what you prefer."

December quarter figures released last week showed Melton had a median house price of $280,000, followed by Werribee ($302,500) and Wyndham Vale ($310,000).

House and unit prices decreased by 9.1 per cent in Taylors Hill, while Melton was up by 9.4 per cent.

But Ryder Real Estate's Jayson Ryder warned monthly or quarterly sales figures could be deceptive.

"All it takes is a few extra sales outside of the average price range for that area to swing the percentage in that direction, when in reality the average-priced homes in that area may have moved in the opposite direction.

''This is most definitely the case for the Melton area where home sales can range in price from $200,000 up to $750,000."

The new figures follow a report revealing that the number of unsold properties had skyrocketed across Melbourne.

Prosper Australia data shows 'stale stock' - unsold property on the market for more than 60 days - being just shy of 100,000 after a 6.2 per cent spike in November.

This follows a 20.4 per cent rise in September and an 18 per cent rise in August.

Prosper Australia campaign manager David Collyer said buyers who would normally enter the market were holding back.

"Real estate vendors are price takers, not price makers. Choosing to hold out for a better offer will prove to be a bad call."

'Stale stock hot spots' in December included Melton (2696 properties) and Caroline Springs (1399).

Mr Ryder said stale stock was caused by an increasing number of properties coming on to the market and slowing sales.

"This led, in 2011, to prices declining by 10 per cent in most price ranges."

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