Williamstown’s median house price recorded strong growth in the last quarter, according to Real Estate Institute of Victoria data.
The suburb came in at No. 5 in Melbourne’s top-10 growth suburbs, with the median rising 8.4 per cent in the quarter to June 30, taking it to $1.26 million.
REIV chief executive Gil King said Williamstown was the only western suburb to make the top-10 quarterly growth suburbs.
“The median house price for inner Melbourne [fewer than 10 kilometres from the CBD] overall is sitting at $1.3 million, having dropped 3.4 per cent for the quarter, so Williamstown was a strong performer among the competition,” he said.
“The area offers an enviable lifestyle by the water, in close proximity to the city, with a growing culinary and entertainment scene that appeals to buyers, particularly families.”
The median house price for middle Melbourne – 10-20 kilometres from the CBD – is sitting at under $900,000 for the first time in nearly three years.
Greg Hocking Elly Partners director Wayne Elly said competition was fierce in an area such as Williamstown.
“Because of the lack of stock on the marketplace, people are certainly buying again,” he said.
“So, there are transactions happening quite regularly and people are turning up to auctions and coming to inspections again but there’s just not a lot of quality stock out there and hence people are competing for the properties again.
“There’s less on the market at this time than what there was over the last couple of years and that’s hence going to force prices up.
“Also, interest rates are going to stay stable or low.
“The market’s good and people are starting to sell again and we’re seeing a rebound.”
