WYNDHAM needs to have an oversupply of housing to meet the demands of Melbourne’s population growth, according to the state’s peak real estate body.
As reported by the Weekly, a recent study by SQM Research revealed there were close to 7000 unsold houses on the market in Wyndham.
Hoppers Crossing, Tarneit and Truganina have the highest number of houses for sale, with 4048 properties on the market at June this year – a 54per cent increase on the previous year.
In Werribee, Point Cook and nearby Derrimut there are 2961 unsold houses, according to SQM.
While the number of properties on the market in the three suburbs has dropped 8per cent since June 2011, SQM still ranks the 3029 postcode as an area where there is a housing glut.
But Real Estate Institute of Victoria spokesman Robert Larocca said the oversupply of housing was a sign Wyndham was growing. “The suburbs listed as having a housing glut are all growth suburbs of Melbourne,”he said.
“If we don’t have lots of property for sale in them, the city wouldn’t meet it’s housing needs.
“There are always a lot of properties for sale when growth areas are subdivided and that is a good thing.”
Mr Larocca said 15,875 homes had been sold in Derrimut, Point Cook and Werribee in the past decade.
“When contrasted with the 2961 reported for sale, this does not sound nearly as much.
“Having a lot of properties on the market does not reflect badly on the area. Some of the properties listed for sale are unbuilt homes and blocks of land. “
Werribee Barry Plant director Donald McKillop said he was not concerned by the number of houses on the market.
“Generally, the market is fairly strong. The demand is here. There is lots of land and land in the green wedge is getting released.”
