Gerald Lynch
It was a mixed bag for house sellers in Maribyrnong and Hobsons Bay, with some places recording huge increases in the median house price, while others suffered big drops according to new data.
The latest Real Estate Institute of Victoria’s [REIV] data revealed that the median house price in metro Melbourne dropped by 2.2 per in the three months to December, with the median house price now $909,000.
In Hobsons Bay and Maribyrnong, there were huge variances in the median house price.
In Kingsville, the median house price jumped a staggering 22.9 per cent to $1.11 million, while in Seddon there was an increase of 15.1 per cent up to $1.18 million and Williamstown had a 7.3 per cent increase to $1.68 million.
It was a strong period for Braybrook, with a 10.9 per cent jump to a $765,000 median price, and Seaholme had a big rise of 17.7 per cent up to $1.30 million.
On the other side, the median house price dropped in many suburbs.
In West Footscray, the median house price dropped 7.3 per cent in the December quarter, to $953,000.
The data showed the median price of houses in Maidstone declined by 12.3 per cent to $825,000 in the December quarter, while it dropped by 7.9 per cent to $1.04 million in Spotswood, 7.2 per cent in Seabrook to $690,000, and Maribrynong had a 5.9 per cent drop to $1.13 million.
A number of areas saw little to no change in median prices, suggesting stability in the market.
The median house price in Newport declined slightly by 1.8 per cent to $1.23 million, while in Footscray it jumped 1.2 per cent to $983,000.
Altona’s median house price had a marginal rise of 2.4 per cent, tipping the median price above seven figures to $1.08 million.
Yarraville also sits above the million mark, with a 0.9 per cent jump taking it to $1.00 million.
