HOUSE prices in St Albans have soared according to the latest Victorian Valuer-General’s report.
In the past year the median house price has increased by a staggering $80,000 from $300,000 to $380,000.
The figures are even more astounding when compared to median prices in 2001. A decade ago an average house in St Albans was $150,000.
Barry Plant real estate agent David Lai attributed the increase to a shortage of land in Victoria.
Mr Lai said investors from the eastern suburbs were flooding the local market because St Albans was still relatively affordable and was a hot spot for renters.
“There is high demand because of the affordability, the amenities and the possibility for future growth,” Mr Lai said.
“It will continue to increase while there is a shortage of land.”
Prices of units have also increased significantly from $272,300 in 2009 to $317,000 in the last quarter.
Sunshine also had a whopping increase of over $75,000 since 2009.
