Wyndham houses are hot property.
New data from the Real Estate Institute of Victoria (REIV) reveals Truganina was one of the top 20 growth suburbs in Victoria for the March quarter of 2015, with an 11.1 per cent jump on the December median house price to $411,000.
Other REIV data shows Point Cook prices rose 5.7 per cent over the past quarter to record a median of $555,000.
Point Cook was also named Melbourne’s top investor hotspot, ahead of Carlton, Glen Waverley, Frankston and Brunswick.
On the flip side, Hoppers Crossing properties experienced a 6.4 per cent slump to $331,500 and the Wyndham Vale median decreased by 5.6 per cent. Williams Landing had a slow quarter compared to neighbouring suburbs, with less than 30 properties sold.
REIV chief executive Enzo Raimondo said Wyndham offered buyers diverse options at both the lower and upper ends of the market.
“While Wyndham remains home to some of Melbourne’s most affordable suburbs, Laverton, Tarneit and Wyndham Vale all experienced good capital growth last year,” Mr Raimondo said.
“Buyers appear willing to spend more for larger, high-quality homes.”
Barry Plant Werribee director Donald McKillop said his office had experienced an 11 per cent increase in sales volumes across Wyndham during the first quarter of this year.
He said historically low interest rates and unprecedented infrastructure spending had boosted interest in Wyndham.
“It’s an open market here,” he said. “It’s a growth corridor with a lot of land, new suburbs, new developments, house and land packages, established homes – you’ve got the works here.”
Mr McKillop predicts Wyndham’s housing market will continue to perform well in 2015 and even a minor interest rate rise is unlikely to shift this trend in the short-term.
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