Goya Dmytryshchak
Australian house values hit a record high in January, with the municipalities of Maribyrnong and Hobsons Bay showing post-COVID growth.
Property data company CoreLogic last week reported that house values rose by 0.9 per cent last month.
CoreLogic research director Tim Lawless said Hobsons Bay was in Melbourne’s top 10 for housing growth over the past year.
“Hobsons Bay ranked 10th amongst Melbourne council regions based on the change in housing values over the past 12 months,” he said.
“Local dwelling values were up 1.8 per cent over the year, however growth has been uneven.
“Like most areas of Melbourne, local housing values trended lower through the worst of the COVID period, but posted a solid rise over the past three months, lifting 2.6 per cent.
“Conditions have been stronger across the unit sector, where values are 8.3 per cent higher over the past 12 months.
“House values remain 0.6 per cent lower over the year, but were rising in late 2020 and into January, with house values up 1.9 per cent over the three month period ending January 2021.”
Mr Lawless said unit values were driving capital gains in Maribyrnong.
“In terms of capital growth over the past 12 months, the Maribyrnong council region recorded the third fastest pace of growth in dwelling values,” he said.
“The market was up 3.7 per cent over the 12 months ending January 2021, with most of that growth occurring over the past three months following a 3.4 per cent lift in values post lockdown.
“Unit values in the region have led the capital gains, rising 8.4 per cent over the year, while house values have shown only a 0.2 per cent rise after recording a larger correction through the worst of the COVID period.
“As the market recovers and we see a national trend in buyer preferences towards lower density housing options, it may be the case that houses show a stronger rate of capital gains than units.”
Sweeney Estate Agents Williamstown director Wayne Sweeney said that since October and as restrictions started to lift, he had seen local growth of up to 10 per cent.
“With the COVID period, interest rates have gone down,” he said. “You can now borrow [for ] three years at 1.75 per cent, principal and interest.”
