By Vanessa Chircop
MEDIAN house prices in Hobsons Bay have followed Melbourne’s trend by continuing to fall, according to figures from the Real Estate Institute of Victoria (REIV).
The REIV June quarter median prices reveal that the median price of a house in Altona and Altona North has dropped 18 and 17 per cent respectively since December 2010.
As reported by Star in March, Altona was named the number one growth suburb of 2010 with median house prices increasing by 34.7 per cent.
In December last year, house prices in Altona were up 22 per cent – with an overall increase throughout Hobsons Bay.
Newport and Williamstown North were the only two suburbs in Hobsons Bay to see a decrease in median house value for that quarter.
However, the latest figures show houses in Williamstown and Newport as the only two suburbs with an increase to their median value.
Newport increased about 11 per cent and Williamstown prices increased by about eight per cent since March.
Last year was considered the strongest year for price growth for the Melbourne residential property market since 2001 but 2011 doesn’t seem to be following suit.
Unit prices didn’t fare as badly as houses in Hobsons Bay – but still saw a slump.
In Williamstown the median price of a unit dropped by 15 per cent between December 2010 and March 2011.
In Altona unit prices remained relatively steady – only dropping slightly between March and June.
In Altona North unit prices also dropped slightly by about 10 per cent.
Newport was one of the few suburbs again to see an increase.
The median price for a unit in Newport increased by 30 per cent since March this year.
