By VANESSA CHIRCOP
THE median price of houses in Newport has fallen by 9.2 per cent, according to the Real Estate Institute of Victoria (REIV).
According the REIV’s March quarter figures Williamstown also saw a slight decrease of 0.4 per cent.
Despite this slight fall, last year Williamstown was named the seventh highest growth suburb, with prices going against Melbourne’s trend, increasing by 5.7 per cent.
Median house prices in Altona Meadows dropped by 2.6 per cent, while Altona was the only Hobsons Bay suburb to see an increase this quarter, going up by 2.2 per cent.
According to the figures, the median price of a house in Altona is now $580,000 but Williamstown still remains Hobsons Bay’s most expensive suburb with a median price of $901,000.
Newport has over taken Williamstown in unit prices, with $514,000 the median unit price.
The median price of a unit in Williamstown this quarter was $445,000.
The median house price in metropolitan Melbourne was $535,000, representing a minor increase of 0.9 per cent from a revised December quarter median of $530,000.
REIV CEO Enzo Raimondo said that demand for residential property over the past year reflected the broader state of the economy and that buyers would continue to find that prices will maintain their current levels in the short term.
“The property market moves in cycles and now we are in one of stability, with overall median house prices showing no real growth.
“The last twelve months also reflect both an easing in population growth and improvement in the supply of new homes.
“In many suburbs, such as Coburg and Footscray, demand increased this quarter after buyers found median prices well below their peaks.
“Until the economy and confidence improve, the market is likely to remain as it is now.
“Buyers and sellers over the next quarter in particular will be watching interest rates over the next quarter.”
