Werribee and Wyndham Vale home owners are sitting on real estate gold.
The two suburbs were among the top-20- performing suburbs in Melbourne, the latest Real Estate Institute of Victoria (REIV) figures reveal.
In the three months to December 31, the median house price at Werribee jumped 11.6 per cent, from $320,000 to $357,000, while the median at Wyndham Vale rose by 7.8 per cent to $365,000.
“This level of growth in areas that are traditionally seen as affordable suburbs indicates buyer demand for space and affordability,” REIV chief executive Enzo Raimondo said.
Hoppers Crossing house prices also performed well over the quarter, rising 7.3 per cent to $397,000.
On the flip side, Point Cook, Truganina, Tarneit and Williams Landing recorded price decreases over the same period.
Mr Raimondo said successful sales in Melbourne’s outer ring in the last quarter of 2015 helped stabilise the housing market.
“Eight of the top 20 growth suburbs have a median house price below $600,000, and six of them are below $520,000,” Mr Raimondo said.
“Improved infrastructure in the city’s outer ring, including rail links and upgraded roads, is really boosting prices in these suburbs.”
Barry Plant Werribee director Donald McKillop said that despite the large price hikes, Werribee, Wyndham Vale and Hoppers Crossing still offered very affordable housing compared to other Wyndham suburbs.
Mr McKillop predicts the property market at Wyndham will remain steady over coming months.
