By Alesha Capone
The median lot price in Wyndham remains the highest across Melbourne’s northern and western growth areas, despite a four per cent drop in the three months to December 2019.
A report issued by RPM Real Estate Group last month said Wyndham’s median lot price fell to $310,000 between October and December last year.
In comparison, Melton’s median price fell to $292,000 and Moorabool’s median price fell to $240,5000.
The RPM report said there were 534 lot sales during the December quarter in Wyndham – an one per cent increase from the December 2018 quarter.
“The volume of unsold stock across the western growth corridor remains considerably higher than other areas, surpassing 2500 lots,” the report said.
“The majority of overhang lots are in Melton and Wyndham and is starting to apply downward pressure on prices.”
RPM’s Head of Communities, Luke Kelly, said now was an opportune time for buyers to enter the market in Wyndham.
“As a buyer, the best time to get into the market is right now,” he said.
Mr Kelly said the median lot price in Wyndham was the lowest median price seen in the area in the past 12 months.
Mr Kelly also said that in December, the median size of lots sold in Wyndham dipped below 400 square metres to 395 square metres, for the first time.
The RPM report said that “poorer affordability is driving a shift in buyer preference to smaller lots”.
In the December quarter, the median price for a 400 square metre lot was $284,750 in Manor Lakes, $288,500 in Mambourin and $300,500 in Wyndham Vale.
The median price was $305,000 in Werribee, $315,000 in Tarneit, $336,900 in Mount Cottrell and $350,000 in Truganina.
Mr Kelly said buyers were attracted to the west due to its amenity and infrastructure, including road networks and schools, “which are improving every day”.