By Matthew Sims
Altona’s house prices have experienced a significant increase compared to the April to June period to reach $1.55 million in the July to September period, despite the median house price falling across metropolitan Melbourne.
According to the latest Real Estate Institute of Victoria [REIV] data, a number of Maribyrnong and Hobsons Bay suburbs experienced growth in median sale prices, including Williamstown (8.6 per cent), Spotswood (12.7 per cent) and Braybrook (0.7 per cent).
However, the data revealed the median house price in Melbourne fell by 7.4 per cent to $993,000 in the July to September period.
In Altona, median house prices have risen by 45.4 per cent since the final quarter of 2021 to reach $1.553 million, which represents a 20.8 per cent quarterly change from the April to June period to the July to September period.
Newport recorded a decline in house prices, with the median price falling by two per cent from $1.28 million at the end of June to $1.255 million at the end of September.
The median price in Yarraville experienced a drop of 9.1 per cent from $1.37 million in the April to June period to $1.246 million.
REIV president Andrew Meehan said shifting economic conditions and a number of recent interest rate rises from the Reserve Bank of Australia [RBA] had led to the market responding by creating attractive buying opportunities.
“Lower median prices through the September quarter have created new opportunities for Victorians to buy more affordably in Melbourne, particularly in the outer suburbs,” he said.
“It is pleasing to see property transactions have not slowed materially, with a high volume of vendors listing their properties and plenty of undeterred buyers.
“Looking ahead, these factors, combined with the RBA’s lower-than-expected rate rise in October, are an encouraging sign of our real estate market’s long-term health.”
In terms of annual change, the median house price in Melbourne increased by nine per cent.
