Western Melbourne suburbs residential market remain very strong: HTW

Western Melbourne suburbs residential market remain very strong: HTW
Western Melbourne suburbs residential market remain very strong: HTW

Western Melbourne suburbs residential markets remain very strong, according to Herron Todd White’s latest report.

The property valuation firm says that record prices in Kensington, Ascot Vale and Newport has been experienced.

“The current state of the market within the inner western suburbs for established dwellings remains very strong, with record prices experienced, in particular suburbs such as Kensington, Ascot Vale and Newport.

“However like much of Melbourne, the apartment market has stalled with the addition of a large quantity of new stock over recent years.

“In particular apartments built within the past ten years are feeling downward pressure as new, modern buildings are more attractive to buyers and tenants

“The mid-western suburbs have seen a shift in buyer prolife with a large number of smaller developers looking to purchase existing dwellings on larger lots to develop into new townhouses and villas.

“This has seen increase in demand through established suburbs such as Altona, St Albans and Sunshine with strong results, however, we’ve seen a premium paid by developers (to that of owner- occupiers) in some instances, pricing out owner- occupiers,” the report stated.

Herron Todd White says that prices close to the CBD are becoming pressured despite demand for good quality housing.

“Demand still remains strong for good quality housing as pricing pressure is felt closer to the CBD, which becomes ‘unprofitable’ for developers due to the added value of the improvements.

“The first-home buyer market remains buoyant with continuing demand for new properties,” the report advised.

Changes to stamp duty and First Home Owners Grant will make purchasing a property affordable for first-home buyers.

“With changes being made on 1 July 2017 to the First Home Owners Grant and stamp duty, the Victorian State Government has announced that stamp duty will be abolished for first-home buyers purchasing a home with a dutiable value of no more than $600,000.

“Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive $10,000 and regional first-home buyers will be entitled to an increased grant of $20,000.

“With these incentives from the Victorian State Government, the house and land market is expected to remain stable in the outer western suburbs such as Werribee, Wyndham Vale, Point Cook, Tarneit and Truganina,” the report stated.

A two bedroom unit at 1/81 Walter Street, Ascot Vale (above) has been listed for between $350,000 to $385,000.

Similarly a two bedroom unit at 2/35 Maddox Road, Newport (below) has been listed for between $580,000 to $610,000.

Western Melbourne suburbs residential market remain very strong: HTW

A two bedroom apartment at 109/18 Bent Street, Kensington (below) was recently sold for $730,000.

Western Melbourne suburbs residential market remain very strong: HTW

Similarly a one bedroom apartment at 3/171 Kent Street, Ascot Vale (below) was recently sold for $275,000.

Western Melbourne suburbs residential market remain very strong: HTW

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West Melbourne Htw

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