Cade Lucas
Despite Melbourne’s west dominating Victoria’s house price growth in the last quarter, prices in Wyndham remained relatively flat.
According to the Real Estate Institute of Victoria’s (REIV) median prices for the quarter ending June 30, Victoria’s metropolitan house prices fell 1.5 per cent to $912,000.
Melbourne’s western suburbs, greater Geelong and greater Bendigo bucked the trend, with some areas experiencing double digit growth.
Little River was again by far the best performer in Wyndham with its median sale price soaring to $1,505,000, up 20.4 per cent.
However elsewhere in Wyndham most suburbs enjoyed only tepid growth and some declined.
Point Cook’s median sale price dropped by 3.6 per cent to $742,000 and Williams Landing’s dropped by the same amount to $800,000.
Wyndham Vale, previously one of Wyndham’s best performers, dropped 3.4 per cent to $570,000.
Werribee grew by 3.3 per cent to $620,000 while neighbouring Werribee South remained unchanged on $860,000.
Tarneit, Truganina, Manor Lakes, Mambourin and Hoppers Crossing had negligible movement either way.
YPA Wyndham City director and auctioneer Kristy Cunningham said the results needed to be put into perspective, arguing Wyndham’s size meant big movements were unlikely.
“Wyndham has so much available so I think it’s very diverse,” said Ms Cunningham of the area’s housing market.
“If certain areas are small and supply and demand is more pronounced you’ll see more movement, whereas Wyndham’s huge. There are certain pockets that will sell really quickly and other areas where there may be more available and take a little bit longer.”
REIV president Jacob Caine said the same trend was noticeable statewide.
“While overall price movement was minimal throughout the year, each suburb and town has varied greatly in performance,” he said.
“We saw pockets of high price growth across both Melbourne and regional Victoria, as well as pockets of improving affordability. The market conditions are well balanced offering great opportunities for discerning buyers and sellers.”
REIV chief executive Kelly Ryan added that an increased in the volume of transactions during the quarter showed demand for real estate in Victoria remained strong despite high interest rates.
