HOUSE prices in Wyndham have fallen by more than 10 per cent over the past year, according to new figures from the state’s peak real estate body.
Real Estate Institute of Victoria’s September quarter figures show a drop in median house prices of between 5 and 13 per cent in all Wyndham’s suburbs except Werribee and Williams Landing, where prices fell by 0.1 and 1.3 per cent respectively.
The largest decline in prices was in Point Cook. In September 2011, the median house price was $485,000. In September this year, the median price was just $420,000.
Wyndham Vale prices fell almost 12 per cent to $300,000, while Hoppers Crossing recorded a drop of close to 7 per cent. Prices fell by 6 and 5.9 per cent in Tarneit and Truganina respectively.
Point Cook Real Estate sales manager Peter Gaidzkar said Wyndham’s declining prices reflected Victoria’s slower economy.
“No one would say that over the last 12 months [house] prices have gone up. Prices have softened over the last 12 to 18 months.
“It’s because of the economy overall and uncertainty and it is a global problem. It’s not just something for Australia, Victoria or Wyndham.
“When consumer confidence comes back into the market, prices will rise again.”
Wyndham was not the only area where house prices fell over the past year. In Melton, prices fell by 14 per cent, while in Altona the decline was 7 per cent.
REIV chief executive Enzo Raimondo said buyers and sellers had been acting cautiously across the state in the past year, with consumer confidence at a low.
Mr Gaidzkar said Wyndham’s house prices remained among Melbourne’s lowest, making it a popular area for first-home buyers.
“There is improved affordability in the area. Coupled with decreases in interest rates, it has made Wyndham popular.”
