Cade Lucas
Houses prices in Little River surged by almost 30 per cent in the year to December according to the latest quarterly results from the Real Estate Institute of Victoria.
Little River’s quarterly price change of 28.8 per cent, by far the most in Wyndham and one of the largest in the entire state, was a staggering 27 per cent above the regional Victorian average of 1.7 per cent.
The median house price in Little River now sits at $1.5 million, more than double anywhere else in Wyndham.
While the results are eye catching, Rob Westwood, director of Werribee estate agents First National Westwood, said they were probably the result of one or two big sales in a small town.
“There’s also a shortage of good quality properties down there so the better ones will generally sell above expectation,” said Mr Westwood who sells properties across Wyndham including Little River.
While inflated, he said the results still reflect the appeal Little River and other regional towns have for buyers looking to leave the city.
“People who are looking for lifestyle properties, properties where they can have horses and space and get their children out of the suburbs. They’re boosting the market down there,” Mr Westwood said.
Wyndham’s outer western fringe led the way in the REIV results, with Manor Lakes recording the second highest rise of 10 per cent, ahead of neighbouring Wyndham Vale on 5.3 per cent and Mambourin on 3.8 per cent.
Mr Westwood said the popularity of this part of Wyndham would only continue to grow.
“Manor Lakes is a bit of hidden gem and with the eventual completion of the ring road around Werribee, that will just open up those areas even more,” he said,
“When you can buy a good quality 4 bedroom home under 600k, it brings in a lot of buyers”
Other parts of Wyndham recorded either marginal increases or small reductions, with prices in Truganina (-2.2) and Hoppers Crossing (-2.4) dropping the most.
Rob Westwood said these results were actually a positive.
“Werribee, Tarneit, Truganina, Hoppers Crossing, that’s where all the first home buyers are at the moment, it’s the entry level of the home market,” he said.
“While the market in Wyndham is flat, it’s still good and offers a lot of value for sellers and buyers.”
