Home buyers able to consider a two-bedroom house can still find Williamstown affordable, new figures from the Real Estate Institute of Victoria (REIV) suggest.
Data for the June quarter showed the median price for Williamstown houses, generally, was $1.155million.
But wanting a larger database because of the dearth of two-bedroom houses for sale, the REIV collated figures for the year to June.
These show the median price for a two-bedroom house was $815,000 – a $340,000 difference.
REIV chief executive Geoff White said a two-bedroom home could be the ideal entry point into one of Melbourne’s most exclusive suburbs.
“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” he said.
“Two-bedroom homes in the inner west are typically located on a reasonably-sized block …and offer good value, especially in comparison to Williamstown’s median house price of $1.15 million.
“Two-bedroom homes in Williamstown have one of the more affordable medians when compared to other million dollar suburbs.”
Mr White said two bedroom houses also delivered capital growth in many areas of greater Melbourne.
“Two-bedroom homes are experiencing solid price growth in many of these suburbs, offering value and a yard at a price point significantly below the suburb’s median.”
A freestanding renovated period house at 1 Laverton Street is being advertised for $870,000-plus, going to auction on September 17.
A freestanding Victorian house at 24 John Street recently sold for $920,000.
