Almost four consecutive years of house price growth has driven more buyers to Melbourne’s outer suburbs, and areas such as Greensborough, Watsonia, Carrum Downs and Bayswater are expected to next benefit.

The overall Melbourne clearance rate clocked in at 79 per cent on Saturday, according to Domain Group data.

3 Simon Court Rosanna

“The Melbourne spring auction market remains remarkably consistent with a continuation of strong clearance rates to keep prices rising,” Domain Group chief economist Andrew Wilson said.

Dr Wilson said the lure of affordability was continuing to push buyers further north-east, and Greensborough still offered good value.

The M80 Ring Road ends at Greensborough – about 19 kilometres from the CBD – and the suburb also has access to the train line, he said.

3 Simon Court Rosanna

“Greensborough and Watsonia are still slightly under the radar, but Rosanna is emerging,” Dr Wilson said.

“Once you start getting further out from Greensborough, you’re moving to the Eltham area, which is sort of semi-rural.”

Last month, Greensborough achieved a 100 per cent clearance rate after all 12 houses sold under the hammer or shortly after. Over the past year, the median house price grew 12.2 per cent to $676,000 – still under Melbourne’s median.

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Source: Domain.com.au