Hoppers Crossing is enjoying a renaissance as house buyers flock to the established suburb in droves.
The suburb’s median price jumped 6.4 per cent in the September quarter to a record $370,000.
Barry Plant Werribee director Donald McKillop said it was currently taking only about two weeks to sell Hoppers Crossing properties, with the Mossfiel estate particularly popular.
“It has come back from the dead,” he said. “I don’t know if the Pacific Werribee redevelopment has done the trick, but it’s one of those little pockets between Tarneit and Werribee that’s central to everything.
“It’s having a bit of a renaissance at the moment.”
Real Estate Institute of Victoria (REIV) figures also reveal that Truganina properties enjoyed a 9.7 per cent price increase in the September quarter, making it one of the top 20 best-performing suburbs in Melbourne.
Seven prospective buyers camped overnight recently to buy one of 10 new townhouses at Truganina’s Forsyth Park estate.
Meanwhile, Tarneit’s median house price increased by 4.3 per cent over the quarter, Werribee properties rose 3.2 per cent and Point Cook and Wyndham Vale fell slightly.
The data for Williams Landing is considered unreliable as there were fewer than 30 sales for the September quarter.
Mr McKillop expects the Wyndham property market to remain buoyant for the rest of the year and into the first quarter of 2016.
“These are the cheapest finance rates in decades and even if the Reserve Bank puts up interest rates, even if it goes up another percentage point, I can’t see it slowing down the market because it’s still affordable,” Mr McKillop said.
REIV chief executive Enzo Raimondo said the Melbourne property market had experienced one of the strongest starts on record to the traditional spring selling season.
“This level of growth indicates a high level of buyer confidence, with sellers benefiting from high auction numbers, solid clearance rates and low interest rates,” he said.