• Williamstown, Altona, Laverton Star

By Nicole Precel

9th March 2010 11:05:44 AM

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HOUSE prices are booming in Hobsons Bay with Altona, Altona Meadows and Williamstown leading the way.

Recently released Real Estate Institute of Victoria (REIV) statistics have shown the median house price in Altona jumped 28.7 per cent from December 2008 to December 2009, to hit $542,500.

Altona Meadows increased 12.7 per cent from $332,000 in 2008 to $374,250 in 2009.

While in Williamstown a 9.3 per cent increase saw a jump from $732,000 in December 2008 to $800,000 in December 2009.

Williams Real Estate agent Michael Harvey said the rise stemmed from a halt in interest rate rises and first homebuyers pushing the market.

“There’s no signs of anything slowing down,” he said.

“I believe you should still be getting in now rather than waiting.”

He said he believed there was enough interest from buyers to keep pushing the market up.

“The increase in the Altona area was probably due to a push from first home buyers,” he said.

Williamstown continued to be a market leader in Hobsons Bay after a landmark sale of a property on the border of Newport and Williamstown in mid-December that hit $7 million.

REIV policy, communication and research manager Robert Larocca said REIV records showed the highest sale in Newport was $3 million in 2000 of a property on The Strand.

Environment and Climate Change Minister Gavin Jennings said in relation to the Victorian Property Sales report released on Thursday, which showed median price increases up to September 2009, Victoria’s economy continued to perform strongly despite the pressures put on it by the global financial crisis.

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