Property prices in older parts of Wyndham are going up faster than those in newer estates, new figures reveal.
Real Estate Institute of Victoria’s price data for the September quarter reveals Werribee’s median house price rose 11.3 per cent in the past three months to $395,000 – the biggest price jump in Wyndham.
Neighbouring suburb Hoppers Crossing was also a solid performer, with a median house price increase of 7.2 per cent to $422,000, with Tarneit up 5.8 per cent to $455,500.
Properties in the three suburbs are also being snapped up the quickest in Wyndham.
A recent Star Weekly report showed Hoppers Crossing properties were selling after 33 days on average on the market, Tarneit properties typically stay on the market for 35 days and Werribee properties about 40 days.
In other figures, Point Cook (up 0.9 per cent), Wyndham Vale (up 0.4 per cent) and Truganina (down 1.6 per cent) posted minimal price increases or decreases.
Samantha McCarthy, from Hockingstuart Werribee, said a shortage of homes on the market and infrastructure upgrades such as Pacific Werribee were driving up prices in Werribee and Hoppers Crossing.
A four-bedroom property on a 1100-square-metre block in Watkins Grove, Werribee, sold at auction at the weekend for $1.215 million – $35,000 above its reserve.
Ms McCarthy said properties in Werribee and Hoppers Crossing were still considerably cheaper than those in neighbouring Hobsons Bay, while Tarneit and Wyndham Vale had been popular with buyers since the Regional Rail Link train stations opened last year.
