Melbourne’s south-west, including Wyndham, has been named the nation’s top spot for growth in property prices.
The latest Housing Boom and Bust Report from SQM Research shows the median house price in Melbourne’s south-west increased by 42 per cent in the year to September.
SQM managing director Louis Christopher said the area’s median house price grew from $600,000 last year to $851,000. Melbourne’s south-west covers Wyndham and Hobsons Bay.
Mr Christopher said affordability and population growth were the main factors driving house prices in Melbourne’s
According to the Real Estate Institute of Victoria (REIV), in the 12 months to September this year, there were 2306 house sales in Wyndham and 713 in Hobsons Bay.
Samantha McCarthy, from Hockingstuart Werribee, said that in addition to affordability, many people were attracted to Wyndham because it was located just 32 kilometres from Melbourne.
“Here, the location is in great proximity to both the CBD and the coast,” she said.
“It’s affordable, whereas when it comes to the other side of town, you can’t find a home in many of those areas for under $1 million.
“In Wyndham, you get great value for money, bigger blocks and bigger family homes.”
Ms McCarthy said the infrastructure in Wyndham, such as train stations, and the likes of Pacific Werribee shopping centre, were other reasons people bought houses in the area.
“For a first home buyer, this is a fantastic goldmine of an area to invest in,” she said.
“There is still supply in the property market, but demand still keeps outstripping it.”
The SQM report revealed Melbourne’s inner-east recorded the nation’s second highest growth in property prices between September, 2016, and September this year, at 31.8 per cent.