One of Wyndham’s newest suburbs is soaring in a property bubble.
Property prices in Williams Landing rose 25.9 per cent in the year to September to a median of $527,500, according to new data released by Domain Group senior economist Andrew Wilson.
The suburb had the third-highest percentage jump across Melbourne’s west, behind Strathmore and Gisborne.
Aberfeldie, Sunshine, Burnside, Avondale Heights, Williamstown and Keilor have also experienced large price hikes in the past year.
The new figures follow Real Estate Institute of Victoria data showing Hoppers Crossing and Truganina median prices performing particularly well in the September quarter.
Hocking Stuart Werribee sales consultant Scott Perry said that in his experience many Williams Landing properties had sold within days of going on the market.
He said the suburb’s proximity to Westbourne Grammar, Al-Taqwa College and other amenities made it a popular choice.
“[It’s got good] freeway access, its own train station and own shopping centre,” Mr Perry said.
“It’s reasonably affordable in comparison to the likes of Sanctuary Lakes and Point Cook. It’s new and modern and fresh …and we aren’t seeing a slowdown.
“The estate developers have marketed that estate especially well.
“It started off with a high price point and has continued to grow.”
Mr Perry said the suburb, which is predominantly owner-occupied, was currently “going gangbusters”.
He predicted similarly strong price growth in 2016.
“I can’t see that there’s going to be a fall in the market,” he said.
“There’s still very high demand and reasonably low stock levels.”
Similarly, Barry Plant Werribee director Donald McKillop said he expected the entire Wyndham property market to remain buoyant for the rest of the year and into the first quarter of 2016.
“These are the cheapest finance rates in decades,” he said.
“And even if the Reserve Bank puts up interest rates, even by a percentage point, I can’t see it slowing down because the market is still affordable.”
