By Vanessa Chircop
HOUSING prices in the east of Altona have increased by 22 per cent in the last quarter.
The latest figures have shown an overall increase throughout Hobsons Bay with only Newport and Williamstown North seeing a decrease.
Newport house prices saw a drop of 4.2 per cent and Williamstown North prices dropped by 9.5 per cent.
Mancini Real Estate sales executive Paul Boicos told Star Altona as a whole has seen a significant increase over the last 18 months.
“Many people who found themselves wanting to buy on the south side (beachside) of Altona find themselves outpriced so opt to buy in the north and east which is why we see that increase,” Mr Boicos said.
Spotswood house prices also saw a significant increase of 20.4 per cent in the last quarter.
The median house prices in Victoria increased from $400,000 in the March 2010 quarter to $419,700 in June.
Unit prices in Hobsons Bay also saw an increase across most suburbs with Seabrook seeing the most significant increase of 28.7 per cent.
Mancini Real Estate recently sold a unit in Seabrook that lasted only two days on the market.
“Units have been very popular with investors with the point of view of low maintenance and first home buyers and elderly people looking to downsize,” Mr Boicos said.
The Seabrook unit was sold to an elderly lady who downsized from a large four bedroom house to a two bedroom unit, Mr Boicos said.
However Newport unit prices also dropped by 8.8 per cent and Williamstown North prices by 11.6 per cent – but Williamstown saw an increase of 15.1 per cent.
Land prices in Altona Meadows dropped by 19.2 per cent.
“Hobsons Bay covers a very vast area – whether we get to Williamstown standards I’m not sure – I can certainly see Altona getting that way,” Mr Boicos said.
