City of BrimbankEconomic profile
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City of Brimbank

Housing valuation

At June 2016, the City of Brimbank had a median house valuation of $495,092, $155,048 lower than the median house valuation for Greater Melbourne.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2011-2016, Housing Valuation System

Housing values
City of Brimbank20162013Change
Housing value (at June)City of BrimbankGreater MelbourneCity of Brimbank relative to Greater MelbourneCity of BrimbankGreater MelbourneCity of Brimbank relative to Greater Melbourne2013 to 2016
House--------------
First Quartile$432,726$466,163-7.2%$339,031$381,114-11.0%+$93,695
Median$495,092$650,140-23.8%$375,156$498,619-24.8%+$119,936
Third Quartile$571,686$977,536-41.5%$427,756$694,174-38.4%+$143,930
Unit--------------
First Quartile$300,257$384,096-21.8%$271,579$327,062-17.0%+$28,678
Median$332,330$490,558-32.3%$297,697$410,461-27.5%+$34,633
Third Quartile$370,346$612,545-39.5%$325,268$511,663-36.4%+$45,078

Source: Hometrack 2011-2016, Housing Valuation System.

Housing values, 2016
Housing values, 2016 Third Quartile, Greater Melbourne: $612,545 Median, Greater Melbourne: $490,558 First Quartile, Greater Melbourne: $384,096 Third Quartile, Greater Melbourne: $977,536 Median, Greater Melbourne: $650,140 First Quartile, Greater Melbourne: $466,163 Third Quartile, City of Brimbank: $370,346 Median, City of Brimbank: $332,330 First Quartile, City of Brimbank: $300,257 Third Quartile, City of Brimbank: $571,686 Median, City of Brimbank: $495,092 First Quartile, City of Brimbank: $432,726
Source: Hometrack 2011-2016, Housing Valuation System
Change in housing values, 2013 to 2016
Change in housing values, 2013 to 2016 Third Quartile, Greater Melbourne: $100,882 Median, Greater Melbourne: $80,097 First Quartile, Greater Melbourne: $57,034 Third Quartile, Greater Melbourne: $283,362 Median, Greater Melbourne: $151,521 First Quartile, Greater Melbourne: $85,049 Third Quartile, City of Brimbank: $45,078 Median, City of Brimbank: $34,633 First Quartile, City of Brimbank: $28,678 Third Quartile, City of Brimbank: $143,930 Median, City of Brimbank: $119,936 First Quartile, City of Brimbank: $93,695
Source: Hometrack 2011-2016, Housing Valuation System

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