Point Cook is hot property


By Alesha Capone

More than $997 million worth of houses have been sold in Point Cook across 12 months, according to a new report.

The Best of the Best report, released by property information and analytics provider CoreLogic last week (Thursday, December 16), showed that Point Cook achieved the second-highest dollar amount for house sales in Greater Melbourne during the year to September.

Brighton placed first on the list with $1.23 billion worth of house sales.

Toorak came in third with $968 worth of sales, followed by Glen Waverley with $843 million in sales and Kew with $826 million in sales.

Point Cook recorded the most house sales out of the top five suburbs, with 1250 houses selling across the 12 months.

In contrast, Brighton had 311 house sales, Toorak 149 sales, Glen Waverley 516 sales and Kew 282 sales.

As well, Point Cook was the only suburb among the top five with a median house price below $1 million.

The median house price in Point Cook is $778,211, compared to medians of $4.81 million in Toorak, $3.23 million in Brighton, $2.90 million in Kew and $1.73 million in Glen Waverley.

Some of Greater Melbourne’s lowest median house values were recorded in the western suburbs, including Melton South ($333,911), Melton ($344,695), Albion ($374,310), Hoppers Crossing ($400,550) and Werribee ($410,982).

But the report stated that across Melbourne, outer suburban areas such as the Wyndham and Melton municipalities “are now among a handful of regions experiencing increased momentum in growth”.

CoreLogic’s research head Eliza Owen said the estimated value of Australia’s residential real estate grew from $7.2 trillion at the end of November 2020, to reach a record high of $9.4 trillion in the next 12 months.

In October, Point Cook was named among the top 100 national “supercharged” areas for property sales in the Spring 2021 Price Predictor Index, issued by residential property researcher and writer Terry Ryder through his investment advice website Hotspotting.com.

Mr Ryder said Wyndham offered “good amenities and infrastructure at affordable prices” especially for first home buyers.