Braybrook’s median unit price soared 21.2 per cent in the past financial year, according to data from the peak body for real estate professionals.
But property prices across Maribyrnong and Hobsons Bay opened up some opportunities for buyers, with the median unit price in Maidstone falling 20 per cent, Real Estate Institute of Victoria data for the year to June 30 revealed.
REIV chief executive Gil King said these property markets had seen varied fluctuations in the past 12 months.
“The area is still accessible for first home buyers, with more modest median house prices in Laverton ($575,000) and Altona Meadows ($660,000),” she said.
“Picturesque Williamstown remains home to the most expensive residences in the area, while you’ll need more than $1 million for the average house in Altona, Newport, Kingsville, Maribyrnong and Seddon. Seddon has heated up, with a 16.9 per cent increase in the median house price. And Williamstown has also seen strong growth, with the median house price going up by 11.2 per cent.
“The market for units in the area has also been mixed, with strong growth of 21.2 per cent on the median cost of a unit in Braybook, but a reduction in the median price for other areas such as Maidstone and Newport.”
Braybrook’s median unit price rose from $500,000 to $606,000, while the price fell from $675,000 to $535,000 in Maidstone and fell seven per cent, from $760,000 to 706,500, in Newport. Seddon’s median house price rose from $900,000 to $1,052,000 and Williamstown’s went from $1,412,000 to $1,570,000.
REIV president Richard Simpson said auction clearance rates had fallen from the lofty highs of early 2017.
“Negative chatter about the future of the sector, coupled with stronger lending controls by financial institutions, has created some uncertainty and vendors need to be realistic with their price expectations,” he said.
