Williamstown house price growth slows after strong gains

The historic Mebourne waterfront suburb of Williamstown has enjoying solid capital growth over the past five years, increasing by 27% to $890,000 up until the March quarter of this year, according to data from the Real Estate Institute of Victoria (REIV). 

However, growth has since slowed in the June quarter, with the median house price standing at $868,000, down by 0.2% year-on-year, and down 2.5% from the March quarter, updated REIV figures show.

REIV chief executive officer Enzo Raimondo told Property Observer that “the share of million-dollar home sales has nearly tripled from 12% to 33%” in the last five years. 

“It peaked at around 37% of sales in June 2010 and has hovered at around 30% since then,” Raimondo said. 

He added that the growth in overall median house price is reflected in the increased activity at the top end of the market. 

The most expensive property sold so far in 2013 was a 4-bedroom house along the Esplanade that sold for $2.52 million. 

Located 8 kilometres from the Melbourne CBD, Williamstown is a heritage area known for 1800s architecture.

Today, it is a popular area for visitors, with an abundance of cafes, restaurants and bars that overlook Hobsons Bay. 

According to the latest RP Data report, the median sale price of houses in Williamstown is $911,500, up 2.4% on last year. The average discount required to sell a house is 6.9%, while private treaty sales average 81 days on market. 

The median asking rent for houses in Williamstown is currently $550 per week, while the average rental yield currently stands at 3.1%. 

Homes that have sold above the $1.5 million mark include: 

- 41 Electra Street (pictured below), a 1850s Williamstown home sold at auction for $1.901 million through Adrian Butera of Compton Green Real Estate Williamstown and Yarraville.  

The property was listed with a price guide of between $1.7 million to $1.9 million. 

The five-bedroom home features both period and contemporary finishings. The front half of the home retains old-world charm with two large bedrooms, tall ceilings, an original fireplace and a character-rich loungeroom. 

It was initially listed with expectations of $1.8 million to $2 million last August, according to RP Data records. 

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- 16 Pasco Street (pictured below), which sold for $1.5 million through Sweeney Estate Agents Williamstown. 

The four-bedroom two-storey Victorian home features a double frontage, an open living and dining area, as well as a designer kitchen. 

It also boasts a plunge pool, as well as a barbecue area. 

The house was listed for sale in May this year with a price guide of $1.4 million to $1.5 million, and spent 27 days on the market, according to RP Data records. 

Prior to this, the house was also listed for sale in 1999, and spent 113 days on the market. 

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