Slow start for prices

By NATALIE GALLENTI-BREKALO

THE Real Estate Institute of Victoria’s latest median house prices have revealed a slow start to the year across Hobsons Bay.
Williamstown experienced a significant drop in its March 2014 median house price to $895,000 after hitting an unprecedented high of $1 million in the December 2013 quarter.
Altona, Altona Meadows, Laverton and Seabrook all had less than 30 sales.
Both Altona North and Newport recorded decreases compared to data from the December 2013 quarter.
In December 2013 Altona North recorded a median price of $547,500 compared to $531,500 this quarter. Meanwhile Newport recorded a median house price of $733,000 compared to $741,750 last December.
In comparison, Melbourne’s house and unit prices continued to grow steadily.
REIV chief executive officer Enzo Raimondo said the market saw a strong second half of 2013, while the March quarter revealed a more moderate growth.
Mr Raimondo added that the March quarter growth was 3.7 per cent, compared to 5.3 per cent in the December quarter.
“The market is still growing, but at a much more moderate pace and is far from what would be called a housing ‘boom’,” he said.
He added that the auction market remained relatively healthy with a surge in the number of auctions and a clearance rate of 72 per cent in the March quarter, falling to just below 70 per cent in April.

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