Moreland’s real estate market might have come off the boil in the past few months but owners who’ve held their properties for five years or more are still way out in front.
Fawkner homeowners have the most to smile about, with the suburb’s median house price gaining a whopping 82.2 per cent or almost $325,000 in the past five years.
New CoreLogic figures show Coburg North had the next highest five-year gain, with 67.5 per cent or $337,500 added to its median price.
Fawkner’s median house price sat at $720,000 in September and Coburg North’s was $837,500.
Their five-year growth spurts were followed by Brunswick, where the median house price climbed 64.2 per cent to $1.11 million, and Brunswick West, where the median rose 62.6 per cent to $1.13 million.
Pascoe Vale posted five-year growth of 59.5 per cent, Coburg was up 57.5 per cent, Pascoe Vale South rose 50 per cent and Brunswick East’s median increased 44 per cent.
The CoreLogic figures show more subdued growth in the 12 months to September as the market cooled, ranging from 7.6 per cent in Coburg North to 3 per cent in Brunswick West.
Coburg, Brunswick and Brunswick East all saw their median house price slide in the period, down 1.7 per cent, 2.8 per cent and 7.9 per cent respectively.
Barry Plant Coburg director Rocco Siciliano said it took sellers some time to adjust to the changed market conditions.
“In the last three months they’ve probably started to get used to the climate of the market,” he said. “Whereas four to five months ago they were saying it was a just temporary thing.
“But I think they’ve come to the realisation that the market has come back and now they have adjusted and started to meet the market.”
Mr Siciliano said sellers who set realistic prices were often rewarded with higher than expected sales.
“As soon as they become realistic with the market in terms of finding that price point where buyers see good value, they are getting multiple buyers and a good result,” he said.
Nelson Alexander Brunswick director Arch Staver said lower prices opened opportunities for buyers.
“If you have your finance there has never been a better time to buy a property,” he said.
He said vendors who listed homes for sale in 2019 would be keen to sell and open to negotiation.
“Anything that’s available will be via a motivated seller so I would jump on it,” he said.