Three Wyndham suburbs are among the top 10 most affordable in the state, new property data reveals.
In the three months to June 30, Werribee was Melbourne’s second most affordable suburb, with a median house price of $355,000, just behind Melton West, which had a median house price of $331,000. Wyndham Vale [$385,000] was listed fourth after Cranbourne [$380,000] while Hoppers Crossing was sixth ($390,000).
Real Estate Institute of Victoria (REIV) chief executive Geoff White said Melbourne’s west offers property buyers a foothold in the market for a fraction of the city’s median house price of $725,000.
“These areas continue to offer value for money with all of the top 10 most affordable suburbs experiencing solid capital growth in the past year,” he said.
Melbourne’s north and west dominated the REIV’s latest data for the June quarter, with six of the 10 most affordable areas based here.
Mr White said low interest rates and a strong market was driving price growth in areas further from the city.
“Affordable suburbs have performed well over the past 12 months, with four of the top 10 most affordable suburbs delivering double-digit growth,” Mr White said.
Senior sales consultant at Harcourts Werribee, Glen Wilson, said the first-home buyers market at Werribee was “extremely busy”.
“Werribee has become an investor’s haven,” Mr Wilson said. “Between $230,000 for a unit and up to $500,000 for a house is extremely busy. They flick very quickly, some are even going before they hit the market.”
The REIV was expecting about 690 auctions in 272 suburbs at the weekend. Top auction locations were Melbourne (14 auctions), Preston (13 auctions), followed by Malvern East and Reservoir with 10 auctions each.
In regional Victoria, Geelong West has recorded the highest number of auction sales this year. Forty-one houses have sold in the suburb, for a clearance rate of 80 per cent.
