By Jaidyn Kennedy
A quarterly dip in median house sale prices in Mambourin is no cause for concern, according to a local real estate agent.
The Real Estate Institute of Victoria’s (REIV) latest statistics recorded a 10.7 per cent decrease in the median price to $570,000 in the suburb.
Ray White Werribee agent Jarrod Loughlin said while he has seen some investors pull out of Mambourin, the extent of the trend also depends on the property type.
“I’m very optimistic about the area, it just needs public transport- there’s still no buses,” he said.
“It just needs roads and infrastructure built to make Mambourin closer to everything else.”
He said that he witnessed the same growing pains just down the road.
“Compare Mambourin to Harpley. Harpley took a while to get going and now Harpley is thriving.
“We are finding a lot of investors are actually starting to do their research and actually come in here for Mambourin.”
He said many investors in the area came from interstate and comparatively low rental yields in the short term may be a contributing factor to the latest dip.
“In this climate we see a lot of investors jump off.”
The profile of buyers is also changing more towards families with children as more amenities are built, Mr Loughlin said.
“Good News Lutheran College’s new campus is going to be the game changer and I think the town centre will be too.
“I’ve seen a lot of buyers selling from Manor Lakes and moving into Mambourin.
“I am a big believer that in the next couple of years it will take off again.”
Decreases were also seen in Wyndham Vale (-1.4 per cent to $582,000), Manor Lakes (-3.8 per cent to $635,000), Werribee (-4.8 per cent to $600,000) and Point Cook (-1.9 per cent to $760,000).
Median rises were recorded in Hoppers Crossing (5.7 per cent to $635,000), Williams Landing (5.1 per cent to $820,000), Tarneit (1.2 per cent to $655,000) and Truganina (0.2 per cent to $651,000).
