By Alesha Capone
Point Cook has ranked alongside some of Melbourne’s swankiest south-eastern and eastern suburbs to record the highest value of total house sales in the state, across a 12-month period.
A new report from property information and analytics provider CoreLogic has listed Point Cook alongside Brighton and Kew, as having the highest financial value of all the houses sold in one suburb.
On a “top five” list from between September 2019 and September 2020, Brighton earned more than $651 million for its total house sales, Glen Waverley reaped $530 million in sales and Kew recorded $489 million in sales.
Point Cook came in next with $484 million in house sales, followed by Balwyn North with $469 million.
However, Point Cook recorded the highest number of houses sold within the period (713 properties), followed by Glen Waverley (353 properties sold), Balwyn North (230 properties sold), Brighton (198 properties sold) and Kew (179 properties sold).
As of November last year, Point Cook’s median house value was $675,129. In comparison, Brighton’s was $2.88 million, Kew was $2.3 million, Balwyn North $1.88 million and Glen Waverley $1.31 million.
Director of Sanctuary Lakes, Point Cook and Wyndham Residential Real Estate agencies, Fadi Saad, said Point Cook had a number of attributes that were attracting buyers.
“Point Cook is popular from an affordability perspective and for its proximity to the city, airport and Geelong,” Mr Saad said.
“While Point Cook was once considered way out west, now – compared to places like Altona and Altona Meadows, which are five-10 minutes up the road – what you get when you’re buying is a hell of a lot more property for your money.
“In Altona and Altona Meadows, a typical three-bedroom brick-veneer or even weatherboard home might go for $800,000 to $900,000, for that money you could get a double story house in Point Cook, possibly with a pool.”
Mr Saad said that although there was a shortage of stock on the market last year due to the coronavirus pandemic, his team achieved “good results, considering the environment we were in”.
This included a five-bedroom house at 13 Heron Way, which sold for $2.15 million, and a four-bedroom abode at 18 Spinnaker Rise, which sold for $2.125 million.
He said government incentives, the First Home Owner Grant and “extremely low” interest rates, meant now was a good time for people to both buy and sell property.
