High notes for house prices

Photo: iStock

By Alesha Capone

More than 50 houses located in Wyndham have sold for $1 million or more within a 12-month period.
Figures from the Real Estate Institute of Victoria (REIV) show that between October last year and September this year, there were 52 properties which sold for $1 million or more in the Wyndham area.
Point Cook led the way with 25 homes selling for $1 million or more, followed by Werribee (10), Hoppers Crossing (7) and Williams Landing (6).
Tarneit and Little River also each had two houses sell for $1 million or more.
In comparison, between October 2017 and September 2018, there were 87 houses which sold for $1 million or more in Wyndham.
This included 53 houses in Point Cook, 23 houses in Werribee and five in Hoppers Crossing.
REIV president Leah Calnan said: “Real estate in Melbourne’s west is heating up, with record low interest rates, easier lending protocols and no more elections on the horizon; conditions are ripe for some big sales.
“With clearance rates holding over 70 per cent for over four months, sellers can expect a great price.”
Figures from CoreLogic showed that median house prices in Melbourne grew by 2.3 per cent during the month of October, to $650,197.
CoreLogic research director Tim Lawless said this could be attributed to a range of factors, including tighter labour market conditions and stronger population growth relative to the other capitals, coupled with the lowest mortgage rates since the 1950s and improved access to credit.
Mr Lawless also said that stamp duty exemptions for first home buyers, who were purchasing properties under a specific price, added additional stimulus to housing demand.