Wyndham’s hot property market is cooling down, new industry data reveals.
The Real Estate Industry of Victoria’s median house price figures for the June quarter show that Wyndham house prices have largely plateaued in the three months to June 30, with only marginal price increases and decreases across most suburbs.
The biggest change was a 2.5 per cent price increase in the Hoppers Crossing median to $565,000, followed by smaller price increases in Werribee (up 1.3 per cent to $508,000), Truganina (up two per cent to $582,000) and Wyndham Vale (up 1.3 per cent to $487,000).
Median price decreases were recorded in Point Cook (down 0.5 per cent to $707,000), Tarneit (down 2.4 per cent to $575,000) and Williams Landing (down nine per cent to $685,000).
YPA Werribee sales manager Kirsty Cunningham said sales volumes had remained static in winter so far.
Ms Cunningham advised home buyers to get loan pre-approvals before going house hunting, with banks tightening their lending criteria in the wake of the royal commission into the banking sector.
“This is making it harder for some people to borrow,” she said.
“We’re just finding some buyers aren’t as well prepared and are missing out.”
REIV president Richard Simpson said prices in Melbourne’s outer perimeter had, more broadly, continued to grow, with 2017 being a bumper year.
“Despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said.
“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic.”
