Goya Dmytryshchak
House prices last month jumped at the fastest rate in 17 years, with several Maribyrnong and Hobsons Bay suburbs beating the national average.
CoreLogic data released last week showed that Australian and Melbourne home values surged 2.1 per cent higher in February.
Across Maribyrnong and Hobsons Bay, the biggest gains were recorded in the suburbs of Altona (2.7 per cent), Altona Meadows (2.3 per cent), Altona North (2.7 per cent), Kingsville (2.2 per cent), Maidstone (2.3 per cent), Newport (2.2 per cent), Seabrook (2.4 per cent) and Seddon (2.1 per cent).
CoreLogic research director Tim Lawless said home values were rising at a fast pace in Melbourne’s outer west.
“Housing values were up 2.8 per cent across Melbourne’s outer west over the three months ending February, which was a slightly softer growth rate than the broader Melbourne average which recorded a 3.5 per cent lift in values,” he said.
“However, the past 12 months has seen housing values rise at a faster pace than the broader Melbourne average, up 2.5 per cent.
“With a median dwelling value of $608,840, it’s also one of Melbourne’s most affordable markets.
“With first home buyers so active, and flexible working arrangements becoming more popular, affordable detached housing markets around the outer fringes are in high demand.”
Sweeney Estate Agents Williamstown director Wayne Sweeney said the market was “on fire”.
“Forty three years in the industry, and this is as good as the late ’80s boom in ’88,” he said.
“Some of the ‘open for inspections’, like for example, Williamstown, are getting sometimes 40 or 50 groups through in a half-hour open.
“It’s just incredible, we haven’t seen that for a very long time.
“Once your clearance rates are 80 per cent or above, you know the market’s flying.
“If the market’s clearance rate is 80 per cent or above, it is absolutely on fire.”
