Nillumbik proves shining light for Melbourne real estate

The latest data from the Real Estate Institute of Victoria (REIV) reveals that Nillumbik's property market in Melbourne's northern fringes is the star turn in 2019 with two of the top three performers, Eltham, and Greensborough, located within the municipality.

For the first quarter of 2019, the median house price in Eltham increased 7.3% to $950,000 in the January-March 2019 quarter while Greensborough's median house price soared 6.0% to $808,000, according to the REIV.

"Melbourne's Green Wedge Council proved to be our property hot spot for the first quarter of 2019 as the area's idyllic surrounds and enviable lifestyle boosted house values," REIV President Robyn Waters said. "You can still get [an] impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars."

Consistent with 2018 trends, some outer areas continue to do well, noted Robyn, with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1% increase. Mulgrave, in Melbourne’s southeast, is at number four with a 4.7% increase and Point Cook in fifth place, also with a 4.7% increase.

Robyn added, "Looking at the annual picture, the top 10 performers for median house price growth between April 2018 and March 2019 were all in Outer Melbourne demonstrating the popularity of affordable options for families who have their heart set on the 'great Australian dream.'  "

Interestingly, there are signs of recovery in Inner Melbourne with Glen Iris and Balwyn North, making the top 10 this quarter, recording increases of 4.3% and 4.2% respectively.