Williamstown has been ranked Melbourne’s second highest growth suburb, with median house prices soaring 18.7 per cent, to $1.35million, in the September quarter.
Latest data from the Real Estate Institute of Victoria ranked Footscray at number four, with the median house price rising 14.8 per cent to $855,000. Altona North scraped into the top 10 with an increase of 12.2 per cent to $788,000.
Only suburbs that had more than 30 residential property sales in the three months to September were included in the REIV’s ranking.
RT Edgar director Joanne Royston attributed the strong growth to demand outstripping supply.
“I think it all comes down to supply and demand across Melbourne and specifically … in Williamstown,” she said, adding that stock is down between 10 and about 30 per cent in some suburbs compared to this time last year.
“Because interest rates are still low, obviously buyers are still out and about,” Ms Royston said.
“There’s just not the property for them to purchase.
“Obviously, [it’s] creating that competition and pushing prices up.”
REIV chief executive Geoff White said Victoria’s top growth suburbs were widespread across the city – from Seaford in the outer south east, to Williamstown and Werribee in the west.
Langwarrin recorded the largest price growth, with the median house price increasing 20 per cent to $561,000.
