House prices in St Albans have jumped almost 26 per cent in a year, with the proportion of auction sales on the rise as well.
The suburb is performing stronger than others within a 20-kilometre radius of the CDB.
Like St Albans, Altona is 13 kilometres from the city, but median house prices in the bay side suburb are up 15.1 per cent, while in Altona Meadows, which is 17 kilometres from the city centre, prices are up by just 3.4 per cent.
As of March this year, the median house price in St Albans was $600,000.
Real Estate Institute of Victoria president Joseph Walton said the St Albans’ property market was performing strongly, with a clearance rate of 75 per cent and 94 auctions in the 12-month period to March this year.
“Auction sales are up 56 per cent on the same period last year, while auction volumes are up 45 per cent over the same period,” Mr Walton said.
He said the suburb was likely to experience further growth this year.
“Particularly as its median house price remains well below the $961,000 median for homes within 20 kilometres of the city.
“Given its proximity to the city, St Albans continues to offer affordability and value for money within Melbourne’s middle ring.
“We’re seeing strong buyer demand for affordable opportunities around the $600,000 price barrier and St Albans provides an entry point to the market with the added benefit of being only 15 kilometres from the city.”
Melbourne’s north-west had experienced significant growth in the past year, with buyers increasingly looking at new growth areas, Mr Walton said.
Neighbouring suburbs have also witnessed a jump in median house prices, with Albion houses up 24.3 per cent to $715,000 and Sunshine houses up 16.2 per cent to $777,500.
Sunshine real estate agency Douglas Kay co-director Adrian Kay, said three significant sales this year had pushed up St Albans’ median house price. The properties were sold by Ray White St Albans and were purchased by an interstate investor.
One of them, a 1960s house at 80 Alfrieda Street, set a new price record for the suburb when it sold for $1.81 million in February.
“An investor from Sydney paid that type of money to get properties in a high activity centre to possibly build something big there down the track,” Mr Kay said.
