Jaidyn Kennedy
Recent infrastructure developments and upgrades to local amenities have been key factors in Altona’s recent property price surge, according to a local real estate director.
Real Estate Institute of Victoria (REIV) data showed a 25 per cent increase in the median property price to $1.2 million in the June quarter
The number of properties sold in Altona has remained steady, with 120 properties sold this quarter compared to 118 in the March quarter.
Ray White Altona director Anthony Anile said the steady volume of sales and rising prices indicates a strong demand.
Properties have been selling faster, with the average days on market reducing from 45 to 30 days, while Mr Anile said was a sign of increased buyer interest and competition.
Auction clearance rates have also risen considerably, going from 70 per cent to 85 per cent, the data revealed.
First-home buyers and investors alike have shown an interest in Altona, with increased activity from both demographics.
Mr Anile mentioned “the appeal of a coastal suburb with a relaxed lifestyle,” as being among the deciding factors.
The suburb is attracting young professionals, singles and couples, as well as families,” he said.
“They are drawn by the family-friendly environment, good schools, parks, and community facilities,” he said.
The suburb saw the largest median price increase in Hobsons Bay and Maribyrnong and was significantly higher than the rest of metro Melbourne, which recorded a 1.5 per cent decrease to property prices.
Among the suburbs in Hobsons Bay and Maribyrnong to also record a rise were Altona North (7.8 per cent to $965,000), Footscray (5 per cent to $1.1 million), Kingsville (1.6 per cent to $1.1 million), Laverton (0.8 per cent to $578,000), Seabrook (2.8 per cent to $784,000) and West Footscray (11.4 per cent to $1.02 million).
Decreases were seen in Altona Meadows (-1.4 per cent to $730,000), Braybrook (-14.8 per cent to $644,000), Maidstone (-2.2 per cent to $895,000), Maribyrnong (-0.6 per cent to $1.3 million), Newport (-4.1 per cent to $1.2 million ), Seddon (-2.5 per cent to $1.2 million), South Kingsville (-5.1 per cent to $975,000), Spotswood (-5.5 per cent to $1.2 million), Williamstown (-10.6 per cent to $1.6 million ) and Yarraville (-0.5 per cent to $1.2 million).
