Median house prices a mixed bag

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By Alesha Capone

The median house prices in Werribee, Hoppers Crossing and Wyndham Vale all increased during the first three months of this year, according to the Real Estate Institute of Victoria.

Figures from the REIV show that between January and March, median house prices in Werribee grew by 4.3 per cent to $510,000, when compared to the October-December quarter of last year.

The median price for Hoppers Crossing houses increased by 1.7 per cent to hit $531,000, while Wyndham Vale (where there were less than 30 sales for the period) grew by 2.2 per cent to reach $450,000.

Median prices in Point Cook fell by 2.8 per cent to hit $675,000, and median prices in Tarneit fell 1.2 per cent to $557,500.

In Manor Lakes, where there was also less than 30 sales, median house prices decreased by 1.2 per cent to $577,000.

REIV president Leah Calnan said the state’s property market achieved record-breaking growth prior to the outbreak of coronavirus.

During the March quarter, the median house price for metropolitan Melbourne hit $890,000 for the first time, a 3.7 per cent growth on the previous quarter.

Records were “smashed” in the outer Melbourne region, which includes Wyndham with both houses and units reaching new high quarterly median values of $695,500 and $550,000 respectively.

“Our industry is strong, and we will survive coronavirus, the desire for Victorian real estate is high when this over we look forward to more fantastic results,” Ms Calnan said.

“The real estate sector has adapted quickly to the current economic conditions, adopting technology and assisting Victorians the best they can.

“Our local market is strong and resilient; buyers from across the globe are have shown great interest in Victoria.”

The state government last week released new pandemic regulations, allowing for an auction to take place for the sale of a residential property, with no more than 10 people present (excluding the owners or residents of the property and any person reasonably required to facilitate the auction).

Inspections may also take place, for the purposes of a prospective sale or rental of a residential property, with no more than 10 members of the public present.