Melbourne’s south-west region – stretching from Williamstown to Wyndham Vale – has recorded Australia’s fastest property price growth, according to a new report.
SQM Research’s latest Housing Boom and Bust report shows the median house price across the region soared 42 per cent in the year to September. The median unit price rose by 16 per cent.
SQM managing director Louis Christopher said the south-west included the suburbs of Altona, Altona Meadows, Altona North, Seaholme, South Kingsville, Spotswood, Williamstown and Williamstown North.
His research showed the median house price rose from $600,000 to $851,000.
Mr Christopher cited affordability and population growth as two of the main drawcards of the south-west.
“South-west is one of the most affordable regions of Melbourne short of living outside of the boundaries of Melbourne,” he said.
“This rise in prices … has been largely as a result of very strong population growth where Melbourne has been attracting a lot of migrants.
“Most migrants are keen to buy something which is affordable; migrants tend to be home buyers.”
Melbourne’s south-west beat the inner east, which recorded the nation’s second highest property price growth at 31.8 per cent. Melbourne’s north came in at No.3 with 23.3 per cent growth.
“Melbourne blitzed it, it really did, for the capital cities,” Mr Christopher said.
“I don’t think that’s going to be repeated again next year. We haven’t seen this ourselves in a long time.”
In the year to September, the Real Estate Institute of Victoria recorded 713 house sales in Hobsons Bay and 2306 in Wyndham.
