Although the housing market is slowing down, Wyndham is still experiencing “solid” activity due to interest from first-home buyers, according to a new report.
The latest Price Predictor Index from hotspotting.com.au, a website run by real estate researcher and writer Terry Ryder, said the Melbourne property market had passed its peak but some suburbs were still experiencing “solid activity”.
Mr Ryder said some areas of Wyndham were “still pretty active” for house sales.
“First home buyer activity is quite active, the highest it has been in 60 years, and mostly on the fringes of Melbourne and Sydney,” he said.
Mr Ryder said this was because these areas were affordable and state governments were providing stamp duty concessions for first-home buyers.
He said in areas such as Wyndham Vale, Truganina, Tarneit and Point Cook “ …. the peak has passed but it is still a pretty strong and pretty solid market”.
Mr Ryder said the Price Predictor Index found in the 12 months to May this year, Hoppers Crossing’s median house price increased 25 per cent to $535,000.
The median house price in Werribee rose 21 per cent to $480,000, Wyndham Vale rose 18 per cent to $455,000, Tarneit 15 per cent to $525,000 and Point Cook 14 per cent to $630,000.
“There were almost 900 house sales in Point Cook in the 12 months to May this year,” Mr Ryder said.
“In Werribee, there were almost 800 sales, Tarneit around 750 sales and Hoppers Crossing about 650 sales, these are very high sales figures.”