Williamstown has emerged as one of the top 10 growth suburbs in the west, with an 18 per cent increase in median house prices in six months.

Domain Group senior economist Andrew Wilson said the median house price in Williamstown had risen to $1,065,000 in the six months to September.

The median unit price went up 18.6 per cent to $540,000 in the same period.

“Williamstown is certainly the Toorak of the west and it definitely has that prestige element to it for those looking on that side of the bridge,” Mr Wilson said. “I guess after what’s been a quietish couple of years, it has really leapt back into the top 10 and that’s a very strong growth.

“It’s a little surprising that Williamstown had a quieter period last year but I think it has made up for that now.

“I think the other point is that it’s very, very thin for listings as well.”

Wayne Sweeney, director of Sweeney Estate Agents Williamstown, said a lot of people aspired to live in the suburb because it was the Toorak of the west.

“Being on the peninsula, with what it offers, is unique compared to all the other suburbs in the western suburbs,” he said. “If you look at St Kilda and Hawthorn and Brighton, there are lots of comparable areas.

“You can move from one suburb to another and they’re quite comparable in a lot of ways whereas Williamstown is by itself in the west.

“Adjoining suburbs aren’t anything like it whatsoever.

“Williamstown, with its uniqueness of being on the waterfront and with the best views in Melbourne just looking back on to Melbourne, … the Strand and the Esplanade, the two waterfronts, are in the top 100 streets of Melbourne.

“There are four or five yacht clubs and the historic nature of Williamstown, with the period homes.

“You’ve also got the unique thing where there are no traffic lights in Williamstown, so it’s that country town still.

“And it’s not a cut-through. You don’t drive through Williamstown to get to somewhere else quickly.

“Interest rates may drop one more time in February. But whether they do or they don’t, I think you can still comfortably work on a capital gain increase in the next 12 months of somewhere from five to 10 per cent.”

“It does have a tremendously unique and quaint characteristic.