Altona and West Footscray have joined the million dollar club, with the median house price cracking $1 million.
The May median house value for Altona was $1,022,585 (up from $983,599 12 months ago) and $1,018,794 (up from $919,227) for West Footscray, CoreLogic’s Million Dollar Markets report for June shows.
“The current upswing in the Australian housing market has produced some extraordinary results,” the report states.
“The current upswing in the Australian housing market has produced some extraordinary results.
“In the 12 months to May 2021, national dwelling market values increased 10.6 per cent, marking the highest growth rate since July 2010.
“The value of the national dwelling market hit a record high in January 2021, and has continued to hit a fresh record high each month since.
“The wealth effect of house value increases has likely been a key component of elevated consumer confidence, and Australia’s economic recovery from strict social distancing restrictions through 2020.
Altona and West Footscray made the top 40 million dollar markets in metropolitan Melbourne.
Sweeney Estate Agents Williamstown director Wayne Sweeney said “it was due to happen”.
“We’re talking inner city, Altona by the bay and the generous allotments in Altona,” he said.
“West Footscray is a different suburb from Footscray central, where you’re getting the bigger blocks as well.
“A lot of the prices these days, unless there’s something substantial on it, it’s all about the land.
“It’s all about the land value.”
Sweeney’s recent sales include 1/13 Essex Street, West Footscray, which sold before auction for $1,130,000 and 206 Blyth Street, Altona, which this month sold at auction for $1.516 million ($266,000 over reserve).
Topping the list in Melbourne were Brighton with a May median house value of $3,316,986 (up from $2,785,108), Deepdene at $3,168,364 (up from $3,804,921), Canterbury at $2,877,330 (down from $2,914,204), Malvern at $2,834,558 (up from $2,577,509) and Portsea at $2,766,753 (up from $1,981,556).
The top five newcomers to the millionaire’s club were Mount Macedon at $1,319,881 (up from $961,495), Blairgowrie at $1,318,730 (up from $915,370), Somers at $1,270,800 (up from $872,743), St Andrews Beach at $1,185,135 (up from $867,952 and Balnarring at $1,172,911 (up from $880,200).
