By Matthew Sims
Footscray and West Footscray’s median house sale prices have returned to seven figures after a low period during parts of 2022, according to Real Estate Institute of Victoria’s [REIV] December 2022 quarterly report.
The median sale price for West Footscray houses during the October to December 2022 period was $1.05 million, which was a 11.1 per cent quarterly increase and highlighted a return to seven figures since the first quarter of 2022.
In Footscray, there was a 19.8 per cent jump in the median sale price to $1.04 million, which represented a bounce back above the million dollar mark after a lower third quarter of 2022 at $864,000.
Other Maribyrnong and Hobsons Bay suburbs which experienced growth in median sale prices during the October to December period including Williamstown (8.3 per cent), Altona (13.6 per cent) and Altona (13.6 per cent).
Metropolitan Melbourne’s median quarterly price data showed a 1.6 per cent dip in the median house price to $974,500.
Seaholme recorded a decline in house prices, with the median price falling by 17.9 per cent to $1.1 million, while Spotswood also fell by 8.6 per cent to $1.19 million.
The median price in Yarraville experienced a drop of 15.7 per cent from $1.246 million in the July to September period to $1.05 million.
Compton Green senior sales executive and partner Steele Sexton said the number of people at open houses and auctions recently was “much higher” than early in 2022 following some hesitation from home buyers following recent interest rate rises.
“I would say that prices have held towards the last quarter,” he said.
“It seems like there is a renewed appetite for houses.
“A lot more buyers are in the market at the moment.”
Mr Sexton said with the limited amount of good-quality homes on the market in Maribyrnong and Hobsons Bay, they would continue to attract interest from prospective buyers.
