Fatima Halloum
The median house price in Wyndham continues to rise, according to new Real Estate Institute of Victoria (REIV) data.
The data revealed Tarneit had the highest quarterly price increase in the municipality for the months of January, February and March, with a change of 6.8 per cent and a median house price of $660,000.
Manor Lakes followed at 5.1 per cent ($675,000) and Hoppers Crossing recorded a 4.5 per cent change ($611,000).
Reliance Manor Lakes director Taney Jain said the municipality was made up of suburb pockets, and location was a determining factor when it came to area growth.
“Location is one thing in real estate that cannot be changed, and those pockets which are located well, those are the ones which are growing a lot and more in demand,” Mr Jain said.
“Because most people in Wyndham work in the CBD, they want to be closer to amenities like train stations and public transport.”
Wyndham recorded an annual change of 9.2 per cent and the median house price in the municipality is $655,000.
Although house prices remain cheaper than other areas across the state, Mr Jain said Wyndham is quickly catching up.
“There’s a property if you look at that property history, we sold that house for $475,000 in 2015, the same house it resold now, last year it sold for $915,000,” Mr Jain said.
Traffic is considered the biggest drawback in the municipality, but Mr Jain believes Wyndham’s proximity to Avalon airport, planned freeway upgrades and further development of new schools will continue to entice buyers.
“This was one of those suburbs which were outskirts … where nobody wants to move in before, and nobody thinks the house could have sold on the great prices but going from $240,000 worth of houses now the houses have gone up under $1 million because the infrastructure development is very high in the suburbs.”
