“Excellent Time To Buy” – Peter Schenck

Surrey Hills has joined some elite company as one of Melbourne’s most expensive suburbs.

Despite a 6.8 per cent drop in the median house price – to $1,130,000 – the suburb was the sixth most expensive for the March quarter.

New Real Estate Institute of Victoria figures also show no change in the median house price for Mitcham of $579,000 since the December quarter.

It was a slow start to the year with Blackburn, Blackburn North, Blackburn South, Box Hill, Forest Hill, Mont Albert, Nunawading, Vermont South and Vermont each recording fewer than 30 house sales during the three-month period.

Blackburn also recorded a massive 20.8 per cent jump in the median unit price – from $523,000 to $632,000 – but this figure was inflated by high-priced sales, as there were fewer than 25 units sold in the suburb during the March quarter.

Ray White Blackburn’s senior sales team said it was an excellent time to buy.

“The market has basically reached a plateau now which is giving more confidence to vendors and buyers because it’s not diving or soaring,” they said.

He urged sellers to adjust their asking price expectations to suit the economic climate.

“The most important thing is to be realistic and prepared to meet the market,” they said.

“We’re also finding that auctions are being preferred to private sales.”

REIV chief executive Enzo Raimondo said the median house price for metropolitan Melbourne had risen a slight 0.9 per cent in the March quarter, reflecting the broader state of the economy.

“The last 12 months also reflect both an easing in population growth and improvement in the supply of new homes,” Mr Raimondo said.