Prices in Officer and Pakenham are under renewed pressure in 2026, with two recent RBA rate rises tightening buyer borrowing capacity. While well-presented homes priced to current market conditions are still selling, properties still priced at 2024 levels are not.
Current price ranges
As of 2026, 4-bedroom homes in Officer are currently ranging from $660,000 to $760,000, while in Pakenham, the same property type is seeing prices between $590,000 and $660,000. Both ranges are softer at the top end compared to 12 months ago.
Why are build costs so high?
Building a standard 4-bedroom home in Melbourne’s South East now costs between $380,000 and $430,000 before land – a significant increase from under $280,000 in 2019. This is due to global supply chain issues, increased trade labour costs, and the collapse of several mid-tier builders.
How long will it take to sell?
For a well-priced and well-presented property, you can expect a campaign to run for 30 to 45 days. Properties in the $550,000 to $720,000 range are seeing the deepest buyer pool, selling in 30 to 40 days, while those above $850,000 are taking 55 to 70 days.
The honest reality
Homes that launch above the current buyer pool develop market stigma fast. Buyers assume something is wrong with a property that has been sitting. That assumption costs you more than a correct price from day one ever would.
Questions to consider
- What is the current buyer appetite for properties in my specific Officer or Pakenham precinct?
- How does my property’s presentation compare to others currently on the market?
- What is the realistic after-tax cash flow if I am considering an investment property in the current rate environment?
Talk to KR Peters for a straight-talking appraisal with no obligation.
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Market information is general in nature and reflects conditions
at the time of publication. For advice specific to your property,
contact KR Peters.