A reported drop in the median sale price of properties in Williams Landing may not tell the whole story, according to a local real estate agent.
The Real Estate Institute of Victoria’s (REIV) figures for the July to September quarter showed the median sale price for homes in Williams Landing decreased 13.8 per cent to $772,000.
Raine & Horne Point Cook and Williams Landing director Lyn Castillo said despite the official data, Raine & Horne had seen consistently strong results up to and including the last quarter.
“Williams Landing is always in demand as it is a high growth suburb for family homes as well as for property investment due to its accessibility to many amenities such as the train station, shopping centre, specialty shops and medical centres,” Ms Castillo said.
Ms Castillo said apartments that are walking distance to the train station and office suites, as well as large properties are the housing models that are in demand.
“More developments are underway and this will only sustain the growth momentum upward both for the short to long term.”
She said the average buyer profile is mainly second or third home buyers with high incomes, while first home buyers and downsizers mainly want apartments.
The REIV data also showed that properties were listed for sale for an average of 66 days during the period, much longer than the 36 day average for the rest of Melbourne.
Across the rest of Wyndham, the data presented a mixed bag.
Among the suburbs with median price increases were Hoppers Crossing (6.1 per cent to $716,000), Point Cook (1.4 per cent to $827,000), Tarneit (3.1 per cent to $675,000), Truganina (0.5 per cent to $679,000), Werribee (3.3 per cent to $661,000) and Wyndham Vale (5.6 per cent to $618,000)
Decreases were recorded in Manor Lakes (down 1.4 per cent to $650,000) and Werribee South (down 4.3 per cent to $770,000).
The median sale price for metropolitan Melbourne between July and September was $955,000, a rise of 2.7 per cent from the previous quarter.
