By Matthew Sims
Hobsons Bay has come in sixth place in terms of the ranking of dwelling value growth over the past 12 months, according to recent data from CoreLogic.
Sitting at a median value of $800,058, the Hobsons Bay dwelling values fell by 6.6 per cent compared to last year.
Melbourne City, Wyndham and Bacchus Marsh saw the largest growth increases in dwelling values at a 1.6 per cent increase, a 4.7 per cent decrease and a six per cent decrease respectively.
CoreLogic research director Tim Lawless said while interest rates were high, it was clear other factors are now placing upwards pressure on home prices.
“Advertised supply has been below average since September last year, with capital city listing numbers ending March almost 20 per cent below the previous five-year average,” he said.
“Purchasing activity has also fallen but not as much as available supply; capital city sales activity was estimated to be roughly seven per cent below the previous five-year average through the March quarter.”
“With rental markets this tight, it’s likely we are seeing some spillover from renting into purchasing, although, with mortgage rates so high, not everyone who wants to buy will be able to qualify for a loan.”
Altona Meadows was among the most affordable suburbs to rent in Victoria during the September to December 2022 quarter, according to the latest CoreLogic data.
The 24th most affordable suburb for renting across the state, Altona Meadows’ rental units had a median value of $490,769 and a median weekly rent of $401.
According to CoreLogic, the country’s quarterly rental growth trend reaccelerated through the March quarter after easing through the second half of 2022, with the national rental index rising 2.5 per cent, up from two per cent in the December quarter.
Despite recording the largest quarterly rental increase of 3.7 per cent, Melbourne remained the country’s most affordable capital, with a median rental value of $526 per week.
