WHITEHORSE’S property market is spiralling down with thousands of dollars wiped off the median price of property in the past year.
But real estate agents have stopped short of calling the decline a bust, saying plummeting prices are a return to realistic figures after boom years.
While the latest Real Estate Institute of Victoria (REIV) figures show Melbourne’s median house price jumped 5.4 per cent to $590,000, all Whitehorse suburbs – except Box Hill – fell. The biggest losses were felt in Blackburn and Forest Hill.
Blackburn dropped from a median of $903,750 for the March quarter to $799,500 in June, a quarterly loss of 11.5 per cent and a year-round drop of 9.5 per cent.
Forest Hill prices fell 16.7 per cent from a median last year of $634,250 to $528,500. Nunawading is down 9.1 per cent, Mitcham 8.1 per cent and Vermont 7.8 per cent. Box Hill though has bucked the trend with an increase of 16.2 per cent to a median price of $960,000.
Surrey Hills has shown a small increase of 5.7 per cent in the last year, but still fell 7.1 per cent in the past three months.
Ray White Blackburn director Peter Schenek described the figures as a correction.
“No doubt the top end has fallen dramatically,” he said.
“Buyers are wanting value for money. A good property in a good position will still always go for a good price.”
Burwood East’s Rose Real Estate director Peng Chung said a strong Chinese market was fueling higher prices in Box Hill.
“Chinese families tend to gravitate to regions where there are other Chinese residents as anyone would do when they move to a new country,” he said.
“The other advantage of Box Hill is its access to good schooling.”
Mr Chung said prices were stabilising after skyrocketing.
“A couple of years ago, if you had a $400,000 property, you could realistically put $420,000 to $440,000 on it,” he said.
“Now that same $400,000 property, you would put on say $390,000-$410,000 and probably expect to get around the $400,000.
“The market is returning to where it should be.”
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