By Charlene Gatt
MARIBYRNONG units and apartments are in hot demand, according to the latest real estate data.
The Real Estate Institute of Victoria’s quarterly median figures for December 2011 showed an 8.2 per cent increase in sales of units and apartments across the municipality, compared to a 0.8 per cent reduction in the Maribyrnong median house price.
The median prices per suburb reflected the shift in demand, with a 44 per cent increase in Footscray units to $449,000 and a 16 per cent increase in West Footscray units to $429,500.
On the flip side, Braybrook’s house median dropped 19 per cent to $380,000 and the Footscray house median went down by 0.8 per cent to $501,000.
Meanwhile, Maidstone enjoyed a 15 per cent boost in its median price, while West Footscray was named one of the top 10 growth suburbs for the December quarter.
There were no sales figures for Tottenham.
REIV CEO Enzo Raimondo said that demand in the local residential market had improved marginally from the previous quarter, as well as housing affordability because of the two most recent interest rate cuts.
Despite this, the number of homes selling was significantly lower than for the same time the previous year.
“REIV data confirmed that, overall, the median house price has not changed over the last six months; the key factors driving the current market are a combination of lower consumer confidence, a slowing state economy and an increase in supply,” Mr Raimondo said.
Feedback from REIV Members during the December quarter was that buyers are not as willing to buy and sellers are not as anxious to sell as they hold out for an improvement in conditions.
“The REIV does not predict any significant change in the market during the March quarter as it is generally the quarter with the least activity, however we are starting to see signs that the market may have bottomed in 2011 and, if there are improvements in economic conditions, we may see an improvement in transaction activity from the second quarter of this year,” Mr Raimondo said.
