House prices spike in hills

By Russell Bennett
COCKATOO’S house prices have jumped almost 10 per cent in the past year, showing a bigger increase than growth suburbs Cranbourne North and Cranbourne West.
Data released by the Real Estate Institiute of Victoria (REIV) shows that in November 2010, prospective buyers would have paid an average of $330,000 for a house in Cockatoo, but a year on, that figure has risen to $360,000.
Cockatoo came in fourth on the REIV’s list of the top 20 annual growth suburbs, also ahead of city suburbs including Williamstown, Prahran, Fitzroy and Ivanhoe.
Ranges Ward councillor Graeme Legge suggested the rise was due to the “strong community goodwill” in Cockatoo, and “the recognition of the convenience of facilities”.
“There are supermarkets, doctors surgeries and train stations all close-by,” he said.
“And it has a close proximity to the city as well.”
Cr Legge said he also thought “moderate” summers in the past couple of years may have allayed bushfire concern among those who would have previously been wary of a move to the hills.
The annual change in Cockatoo’s median house prices from November 2010 to November 2011 sat at 9.1 per cent.
Ivanhoe came in at number eight on the top 20 list, with just an 8.2 per cent increase… though that saw prices increase from $1,062,500 to $1,150,000.
Cranbourne North’s median price rose eight per cent from $324,000 to $350,000, while Cranbourne West’s increased 5.6 per cent from $303,500 to $320,600.