Property price records are being shattered as buyers flock to invest in the west.
Two houses on an Altona development site sold at auction last Friday for $1.35 million over the marketed price, setting a new record for the suburb.
Hocking Stuart Altona director Anthony Anile said the quoted price had been $2 million for 18-20 Sargood Street, which is in the Altona beach activity centre. The 1100 square metres of land has two houses on it.
“It sold for $3.35 million, which is just incredible,” Mr Anile said. “It’s definitely a record for that type of property.
“Altona has certainly been underrated for some time and people are waking up to the huge advantages that Altona brings.”
Sweeney’s Estate Agents Williamstown, which recently auctioned the Verdon Street home of Brisbane Lions chief executive Greg Swann for $2.75 million, said the entry level price for Williamstown was about $700,000.
“Even for a little shack, the entry level of Williamstown now is pretty much $700,000. Anything under $700,000 is being snapped up – mind you, that might be only on 150 square metres of land, a small block,” director Wayne Sweeney said.
“To get something which you’d consider, wow, a nice home, renovated, on a reasonable-size block in South Williamstown, used to be $1.5 million – it’s now $1.7-1.8 million.”
Biggin and Scott Maribyrnong director Mark Basilone said the inner-west was attracting savvy buyers from across Melbourne.
“We have found people coming from St Kilda and Port Melbourne looking for value for money,” he said.
“We had a property we sold in Braybrook in Ruby Way for $717,000.
“The buyers said something like this in St Kilda East would have been $1.3 to $1.4 million.”
Mr Basilone said the spring market was balanced, with sale prices on the right property marketed at the right price tending to exceed the vendor’s expectations.
Recent Maribyrnong sales include $1.2 million for a four-bedroom house in Riverbank Drive and $1.1 million for a four-bedroom house in Shearwater Crescent.
October sales at Yarraville include four- bedroom houses in Fairlie Street, which went for $1.38 million, and Stephen Street for $1.2 million, along with three-bedroom houses sold in MacKay Street for $1.75 million and Severn Street for $1.25 million.
RP Data Victorian spokesman Robert Larocca said the last weekend of October had been the biggest of the year for auctions.
Compton Green said hotspots included Williamstown, Footscray and Newport.
