Big Quarterly Price Jumps for Langwarrin / Frankston / Seaford

This item appeared on Channel 9 news tonight 21/10/2016

Stars align for Melbourne house sellers as property prices boom

Surging house prices across Melbourne triggered by enthusiastic buyers are leading the city into one of the best property markets in years, a top real estate body says.

Real Estate Institute of Victoria (REIV) CEO Geoff White said a host of factors had contributed to the strong market.

"Everything is aligned for sellers, who are benefiting from strong buyer confidence and record low interest rates," Mr White told 9NEWS.


Mr White said the spring property market was sprouting a trio of benefits for sellers: "solid price growth, high clearance rates and strong buyer demand".

REIV has released the latest property growth results prices for all Melbourne suburbs, with some surprising results.

Median prices spiked a stellar 3.2 percent over the September quarter, the highest rise in seven years.

The city’s largest growth areas were the inner and middle suburbs which rose 4.2 and 3.5 percent respectively.

Langwarrin was the Melbourne suburb with the highest jump in price with a 20 percent surge over the quarter, with median house prices skyrocketing to $561,000.

Closely behind was Williamstown with house prices at $1.3 million equating for a 18.7 percent increase, followed by Seaford at 17.2 percent, where houses now average $605,000.

The remaining top 20 top performing suburbs for the September quarter (REIV) included:

4. Footscray: $855,000 (17.2 percent)

5. Frankston: $504,000 (14.5 percent)

6. Malvern East: $1,914,000 (13.9 percent)

7. Kew: $2,153,500 (12.9 percent)

8. Brunswick: $1,056,000 (12.9 percent)

9. Glen Waverly: $1,290,000 (12.2 percent)

10. Altona North: $788,000 (12.2 percent)

11. Dingley Village: $855,000 (12 percent)

12. South Morang: $550,750 (11.3 percent)

13. Werribee: $395,000 (11.3 percent)

14. Templestowe Lower: $1,200,000 (11.1 percent)

15. Beaumaris: $1,545,000 (10.2 percent)

16. Hampton Park: $430,000 (9.6 percent)

17. Bentleigh East: $1,160,000 (9.4 percent)

18. Pascoe Vale: $802,000 (9.2 percent)

19. Wheelers Hill : $1,069,400 (9.1 percent)

20. Vermont South: $1,150,000 (9 percent)

The most expensive suburb was Brighton with a median price of $2.17 million, closely followed by Kew and Camberwell at $2.15 million and $2.14 million respectively.

At the other end of the spectrum, the most affordable area for property buyers was Melton South, with a median price of $270,000. Other areas where bargains can be scooped up include Cranbourne West, Cranbourne, Werribee, and Melton West.

 

If these are quarterly jumps... wow. Just huge.

 

Link to article data..
REIV - Median Prices

 

Good to see 3 of the top 5 are in the City of Frankston. Of course I'm biased being an owner of two properties in the area. When I invested in Frankston I had to go against the advice of a few Frankston haters and all the usual negative crap, (despite them not having ever lived there). Well I'm glad I did. Frankston is a fantastic place to live and its coastline is just beautiful. I think Frankston property is still undervalued and has great growth potential so it's not too late to invest in some prime bayside property!