The most expensive parts of Altona refers to the precinct around the Pier Road shopping strip and Altona station. It is bound by Kororoit Creek Road to the north, Maidstone Street to the west, the Altona Coastal Park wetlands to the east, and Port Phillip Bay to the south.
Properties on The Esplanade, considered Altona’s best street, now sell for comfortably more than $1.5 million, agents have said.
Surrounding suburbs include Altona Meadows, Altona North, Newport and Williamstown.
Altona homes typically sit on large blocks, making them popular with developers, keen to get rid of some tired looking public housing, particularly along Queen Street.
According to the REIV, Altona’s median house price for the year ended December 31, 2007, is $431,000, up 16.5 per cent since the same time a year earlier.
This annual median figure is considered statistically more reliable than the REIV’s quarterly figures, as they are calculated using a much bigger sample of sold properties.
According to Australian Property Monitors, Melbourne’s median weekly asking rent for houses is $340 as at December 2007. This is an increase from $330 per week recorfed in the September 2007 quarter.
Average median weekly asking rents for units are $300 per week in the December 2007 quarter, up $10 since the September quarter.
Gross rental yields for houses in Melbourne are now 4.12 per cent, a drop from 4.23 per cent in the September 2007 quarter. Gross rental yields for apartments in the December 2007 quarter were 4.8 per cent, compared to 4.9 per cent in the September 2007 quarter.