HOUSE prices boomed in West Footscray, Seddon and Yarraville, but slumped in Kingsville and Altona in the three months to September, according to the state’s peak real estate body.
The Real Estate Institute of Victoria’s September quarter figures reveal that Altona suffered the largest fall in median prices, dropping 17 per cent to $506,000.
In Maidstone, prices dipped by 11.5 per cent to $481,250 and in Altona North by 4.1 per cent, to $494,500.
However, these figures are skewed given all three suburbs —along with Altona Meadows, where prices rose 8.2 per cent to $420,000 — recorded fewer than 30 sales for the quarter.
Maribyrnong’s best performer was Yarraville, which recorded the second-highest rise in prices in metropolitan Melbourne, up 8.8 per cent to $615,000.
There was also strong growth in Seddon (up 5.8 per cent to $675,500) and West Footscray (up 3.9 per cent to $527,500). However, the news was grim for Kingsville where prices dived by 13.4 per cent, to $595,000, while they eased by 1.3 per cent in Footscray to $562,500.
Unit and apartment prices in Maribyrnong jumped by 9.8 per cent to $450,000.
Sweeney Real Estate Footscray senior sales consultant Terry Cooper told the Weekly the figures were reflective of a “flukey market”.
“With its period homes and excellent facilities nearby, West Footscray has been undervalued and under-appreciated for a long time,” he said.
“Although West Footscray and Maidstone share the same postcode, the blocks tend to be much smaller in West Footscray and don’t lend themselves to being chopped up for townhouses.
“In Maidstone, we’re now seeing an oversupply of these larger blocks, which is bringing overall prices down. There are some real bargains in Footscray and in general the inner west is going along nicely; we’re no longer seeing those unrealistic peaks.”
Williamstown, with a median house price of $869,000, remains the most expensive suburb in the west.
