Manor Lakes home owners are sitting on property gold.
New research from CoreLogic reveals Manor Lakes house prices have jumped by 43.1 per cent in the 12 months to February – making it the biggest price hike for the year across metropolitan Melbourne.
House hunters can now expect to fork out a median $415,000 to buy into the area.
Sukhdev Singh Mangar from LJ Hooker Werribee/Hoppers Crossing said the suburb was attracting many first homebuyers.
“The properties are quite new, and the railway station is a big hit among residents,” he said. “This is a good area with a good price range … you can get a good property under four or five years old.”
Mr Singh Mangar said the majority of properties were selling privately, adding that property prices would continue to rise as more amenities – such as a bigger shopping centre and road upgrades – are added to the area.
Fellow real estate agent and Manor Lakes resident Sweta Malik bought into Manor Lakes six years ago after renting in the eastern suburbs.
Ms Malik, who works at Black and White Real Estate in Point Cook, said she moved out west after she saw the then-estate’s plans for a station, childcare centre and other amenities.
“You have to keep in mind that it includes house and land packages, and this is the first year there’s been a comparison for Manor Lakes, because it’s still a new suburb.”
Roxanne Knight’s family of five moved to Manor Lakes seven years ago after living in Werribee.
Ms Knight said the family wanted something that was affordable, and close to Catholic schools.
“We were lucky enough to find an established home that ticked all the boxes – and seven years ago, it was really cheap.”
