Outer suburbs, including Wyndham Vale and Werribee, are still ranking as some of the most affordable areas for aspiring homeowners, as revealed in new data.
The Real Estate Institute of Victoria released their quarterly report for April, May and June, showcasing the quarterly price change of suburbs in the municipality.
Wyndham Vale recorded the highest quarterly price change, at 7.9 per cent and a median sale price of $580,000.
Reliance Manor Lakes director Taney Jain said a high infrastructure growth in the area could be a contributing factor.
“There’s a lot of development in terms of new shopping centres and new schools being built around,” Mr Jain.
“[There are also] so many other developers around Wyndham Vale, all these developers are contributing to infrastructure growth.”
Other suburbs to record a quarterly price increase include Point Cook at 2.5 per cent, Tarneit, 0.7 per cent and Hoppers Crossing, 0.4 per cent.
Williams Landing, Manor Lakes, Werribee and Truganina listed price declines at -14.7 per cent, -4.3 per cent, -3.2 per cent, and -1.3 per cent respectively.
Mr Jain believes increasing interest rates contributed to many people being “spooked” away from the housing market.
“That actually scared off the people…the last interest change was a 50 point increase, which has brought the official cash rate to 1.35 per cent,” he said.
“[The] second impact is the builders..the supply chain has affected a lot in the industry.”
“The people who want to upsize, they are scared that if they sell [their homes] and buy their next property, of course they’re going to get a price cheaper, but they’re going to pay the higher interest rate as well.”
