Local real estate agents say the market has rebounded since rates revaluations were undertaken in January, partly due to lack of available stock.
Greg Hocking Elly Partners director Wayne Elly said some property prices in the Williamstown area had increased.
“Across the board, prices between $1-$1.5 million held steady or possibly could have risen,“ he said.
“Some properties have probably come off a little bit in price because people are a little bit fussier.
“For example, properties that require substantial work or are in less desirable locations.
“Because of the lack of supply around at the moment – because not many people are selling as they’re not quite sure where things are at, regardless of the low interest rates – there has been really good demand.“
January’s revaluations showed the average residential property value fell by 1.7 per cent in Williamstown ($1,198,283 to $1,177,865) and rose by a marginal 0.01 per cent in Williamstown North ($738,793 to $738,850).
January’s figures showed Altona dropped 1.56 per cent ($786,698 to $774,42).
But Barlow McEwan Tribe First National agent Peter Weaver said there had since been a “huge rush“ on properties in the Altona area.
“Everything we had pre-COVID has sold,“ he said.
“A lot of them are subject to finance because the banks are a lot tougher and they’re looking at people differently now.
“If you’ve got a partner who works in hospitality or anything like that, the banks won’t lend to you, just about, so that’s been a bit tougher.
“My view is Altona and Seaholme are still being discovered … and there’s a lack of property on the market at the moment.“
