Despite some wild fluctuations, the inner-west housing market is mostly on the up, according to quarterly data released by the Real Estate Institute of Victoria (REIV).
For the three months to September 30, median sale prices in both Footscray and West Footscray reached $1 million for the first time, rising by 8.7 and 4.1 per cent respectively.
Following a 7 per cent increase, SeddoHowever, the latter two both dropped for the quarter, with Kingsville down 1.3 per cent and Yarraville dropping by 3.5.
n reached $1.2 million, an equal high for Maribyrnong shared with neighbours Yarraville and Kingsville.
Despite the decline, Yarraville still recorded the highest ever price for a townhouse in the inner-west, when a property on Hawker Street was sold for $1.46 million.
To the north, Maribyrnong also recorded a median house price of $1million, but this came after an extraordinary 20 per cent drop from the previous quarter.
Hobsons Bay also experienced some wild fluctuations, with Spotswood rising by 12.7 per cent to $1.2 million and Seabrook up by $11.4 per cent to $780,000.
Brooklyn rose by 7.1 per cent to $760,000, while Altona Meadows, Altona North, and Laverton all remained below $1 million after modest increases.
However, suburbs at the top end experienced some striking reductions, with Newport plummeting by 16.5 per cent to $1.1 million, its lowest in five years, while South Kingsville fell by 15.4 per cent from $1.2 million to $990,000.
Despite double digit drops, Seaholme and Altona remained at $1.1 million and $1.4 million respectively while a 1.2 per cent decrease couldn’t prevent Williamstown retaining the inner west’s top median house sale price at $1.6 million.
Even with some of the eye-catching drops, director and auctioneer at Woodards Real Estate in Yarraville, Leo Dardha, remained bullish.
“Right across Hobsons Bay and Maribyrnong there is a high level of confidence,” Mr Dardha said, pointing to lower interest rates as a reason why.
“We’ve seen a steady increase in numbers at our auctions and they’re being snapped up faster.
“I think it will continue and it will be a strong run into December.”
