Victoria’s housing market has recorded its biggest rise since 2000, with Maribyrnong and Hobsons Bay suburbs featuring strongly in Real Estate Institute of Victoria figures.
South Kingsville’s median house price jumped 20.1 per cent from $900,000 to $1,081,000 last year, according to the REIV.
West Footscray rose 15 per cent from $785,000 to $903,000, Spotswood 13 per cent from $841,000 to $950,000, Seddon 12.8 per cent from $990,000 to $1,117,000, Yarraville 12.7 per cent from $981,000 to $1,105,500, Altona 11.6 per cent from $892,500 to $996,100 and Kingsville 10.6 per cent from $1,017,500 to $1,125,555.
REIV president Leah Calnan said the property market had remained “remarkably resilient” despite dire market predictions at the onset of COVID-19.
“Throughout the July and September quarters, we received constant reports of low listings and activity,” she said.
“Once restrictions across the state eased, demand and buyer competition skyrocketed.
“Certainly, low interest rates and government incentives, including stamp duty concessions and first home buyers grants, added to buyer appetite for the December quarter.”
REIV figures showed West Footscray, Maidstone, South Kingsville, Spotswood and Kingsville had the top five median unit price jumps across Maribyrnong and Hobsons Bay last year.
The top 10 auction sales were recorded in Williamstown, Yarraville, Newport, Footscray, West Footscray, Maidstone, Maribyrnong, Seddon, Altona North and Braybrook.
Williamstown, which had 72 auction sales, sold the dearest house, at 33 Laverton Street, for $3,110,000.
Sweeney Estate Agents Yarraville manager Niels Geraerts said there was a lot of market confidence, which was a result of demand outstripping supply.
“Yes, there are a lot of people that have found the going tough the last year, but the feedback I’ve had from buyers … was that, if anything, COVID made them not delay making a move and not delay making a decision as life’s too short,” he said.
He said some local suburbs were still very affordable compared with areas five minutes away like Port Melbourne.
“Land in these areas is currently at $6000 a square metre whereas Yarraville is half this $3000 and Kingsville a little lower at $2500,” Mr Geraerts said.
