The total value of house sales in Point Cook across a 12-month period has ranked the area with prestigious Melbourne suburbs such as Brighton, Toorak and Kew.
According to a report from the property data analysis company CoreLogic, the total value of all home sales in Point Cook between September, 2016, and September, 2017, was more than $581 million, making it the sixth-highest in Melbourne for the period.
There were 972 property sales in Point Cook within that timeframe, valued at $581,836,407.
Brighton placed first on the CoreLogic list with more than $835 million in sales, followed by Toorak with $763 million.
Glen Waverley, Kew and Mount Waverley rounded out the top five areas, with Point Cook the only suburb from Melbourne’s west to feature in the top 10.
The median house price in Point Cook was $627,010, compared to the median prices of $4.76 million in Toorak and $1.34 million in Glen Waverley.
The director of Sanctuary Lakes and Point Cook Real Estate, Fadi Saad, said he believed that one of the reasons behind Point Cook’s high sales total was its location in Wyndham, one of the fast-growing municipalities in Australia.
“There would be a higher volume of transactions there, equating to more value,” he said.
“I could say that in Point Cook, demand has almost outweighed supply in the past 12 months,” he said.
“People are branching out from the inner west to the outer west, realising they can get more value for money.”