OCTOBER 18, 2018
There’s no denying the real estate market in Melbourne is cooling – auction clearance rates are slipping, prices have taken a slight hit, and the median days on market for properties across the Victorian capital is up four days from this time last year.
In Melbourne’s south-west however, homeowners are having no trouble shifting their properties – in fact, homes are flying off the market faster than they were this time last year, when the boom was still in full swing.
In Williams Landing, homes were languishing on the market for an average of 165 days in August 2017, but in August 2018, they are being snapped up in just 64 days. The median house price in Williams Landing is $710,500, making it a more affordable choice than its million-dollar counterparts closer to the CBD, and it is conveniently located around 20 kilometres from the city centre. With rapid growth on the horizon, residents in the area can look forward to improved infrastructure and employment opportunities, and there are also plenty of green spaces and waterways for the kids to explore.
If you drove around Seabrook this time last year, you’d have seen For Sale signs on display for around 84 days before an agent finally slapped a Sold sticker across them, but this year the median days on market has fallen to 49. The median house price of just $652,500 means this suburb is sure to be on the radar of eager first homebuyers, particularly those planning on starting a family – Seabrook Primary is one of the top-performing schools in the entire state, and as an International Baccalaureate World School it’s in high demand.
The trend continues across the west in Point Cook, where homes are now selling in around 52 days – almost 20 days faster than the same time last year. It’s still an affordable suburb by citywide standards, with the median price sitting at $486,000 for units and $672,000 for houses, and at 25 kilometres from the CBD, the commute is manageable. There are plenty of great schools to choose from, along with all the stores and amenities you could wish for.
Properties in Altona are also selling much quicker than they were 12 months ago, with the median days on market dropping from 48 to 32. With a median house price of $985,000, and a median unit price of $672,000, it’s no wonder homes here are practically selling themselves. Altona is just 13 kilometres south-west of the CBD, yet still an affordable option compared to inner-ring eastern suburbs.
In Kingsville, the median number of days properties are spending on the market has almost halved, falling from fifty this time last year, to just twenty-nine. Right beside the inner-west hipster hub West Foostcray, the median unit price in Kingsville is just $404,000, and at less than ten kilometres from the CBD, it’s a commuter’s dream. Units in nearby Yarraville are also hot property, with the median days on market dropping from fifty to thirty over the past twelve months. It’s a little more expensive than Kingsville – a unit will set you back around $575,000 – but the location makes it more than worth it. You can be in the city in a flash as the West Gate Bridge is on your doorstep, and the thriving café and restaurant scene in Yarraville will mean your weekends will be anything but dull.
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