Goya Dmytryshchak
Dwelling prices jumped 8.9 per cent in Maribyrnong and 7.3 per cent in Hobsons Bay last financial year.
The median dwelling value was $716,660 in Maribyrnong and $793,223 in Hobsons Bay as at June 30, CoreLogic data shows.
Growth for the June quarter was 3.4 per cent in Maribyrnong and 2.9 per cent in Hobsons Bay.
The yearly growth outstripped overall growth in Melbourne’s west, which stood at 6.3 per cent for the year.
Sweeney Estate Agents Williamstown director Wayne Sweeney said the city of Maribyrnong was still affordable for inner city.
“The city of Maribyrnong encases Footscray, Yarraville, that whole inner city area, so once again, what it’s showing and proving is the inner city area growth and affordability,” he said.
“The situation with Maribyrnong is, you can have 10 buyers or more on something in this hot market because it’s more affordable that Williamstown, which can be $10 million-plus on the waterfront.
“The whole pocket of Maribyrnong is cheap for inner city. You speak to people in the eastern suburbs and you tell them the median price is something like $790,000, they’ll say, are you kidding, is that all?”
Mr Sweeney said Hobsons Bay’s growth was not as high because it was a more expensive area.
“If you want to buy in Williamstown now, a 200 square metre block of land’s a million dollars,” he said.
Ray White Seddon director Peter Gindy said the growth in Maribyrnong and Hobsons Bay was very significant compared to previous years.
“I think the reason is, most people aren’t selling,” he said.
“We’ve got a whole bunch of people who are trying to buy properties because they were stuck at home for a certain period of time with their kids and it got to a point where they needed something bigger.
“But no one wants to sell because everyone’s scared of what the market’s doing.
“It’s just a shortage of stock.”
Mr Gindy said the cities of Maribyrnong and Hobsons Bay were appealing inner city locations.
“They’re ridiculously close to the city. The amenities, the amount of childcare, primary schools. The new high school in Footscray, the hospital being renovated, Highpoint Shopping Centre, the train tunnel to Sunshine and the new tunnel under the West Gate.
“There’s some serious money being spent in the area for infrastructure, which hasn’t happened in quite a long time.”
