HOBSONS Bay continues to cement its reputation as the Toorak of the West, with recent figures revealing a massive increase in the number of $1 million-plus properties in the municipality.
The number of seven-figure homes in Hobsons Bay jumped by more than 1000 per cent in six years, from just 38 in 2000 to 425 in 2006, according to Department of Sustainability and Environment (DSE) figures.
The biggest increase occurred at the height of the property boom, more than doubling from 144 homes in 2002 to 378 in 2004.
The municipality is now ranked 10th across Melbourne, and is the only municipality in the Western Suburbs to make it into the top 10.
Williamstown property consultant Warren Hulstaert said the same factors that pushed house prices up in eastern bayside suburbs – water views, access to bay beaches and proximity to the city – continued to drive top-end property prices up in Hobsons Bay, particularly in Williamstown and Altona.
Williamstown has also earned the tag of an “elite suburb”, Mr Hulstaert said but remains better value than similar bayside suburbs like Brighton and Albert Park.
The suburb continues to attract huge interest, including from interstate buyers, despite the slow down of the property market.
But Williamstown also has unique qualities that are simply not found anywhere else in Melbourne, a fact that keeps the local real estate market buoyant.
“Because it is all heritage buildings and is off the freeway, it has that niche feeling, like a village or a country town.
“It is a totally different atmosphere to places like Albert Park or Brighton on the other side of the Bay.
“People see it as a good community.”
Mr Hulstaert said that while Williamstown was the most sought after postcode in the West, other suburbs in Hobsons Bay were also increasingly popular and continued to rise in value.
The price of larger houses in Altona, particularly along the Esplanade and near the beach, continue to rise, and more $1 million homes are being sold in the area.
“Anywhere that is close to the beach is sought after. People like the views in Altona and the area is coming along. There will still be a lot more growth in this area.”
Mr Hulstaert said some homes in select pockets of Newport were nudging, or had already crossed the $1 million threshold, particularly the city side of Melbourne Road, south of North Road.
Boroondara topped the list of $1 million-plus homes with 5908, up from 969 in 2000, the largest increase in Melbourne, followed by Stonnington with 5634, up from 1961 in 2000, and Bayside, with 4289, up from 833.
