Wyndham’s property market is “not all doom and gloom” according to local real estate agents.
Property information group CoreLogic last week released a report into house values across the nation, which showed that properties in Melbourne had experienced a 9.1 per cent price drop (to a median value of $629,457) between February this year and February last year.
The CoreLogic data showed properties in Melbourne’s west had experienced an annual drop of 5.7 per cent, to a median value of $549,075. The data did not break down the information into individual municipalities.
However, YPA Werribee director Bassam Tofaili said the real estate market in Melbourne, including Wyndham, was “adjusting” after the recent boom.
Mr Tofaili said the market usually rose and fell within a fairly regular cycle.
He said the past two Melbourne real estate booms were in 2011-12 and 2005.
He said some Wyndham houses were selling fairly quickly, but others were remaining on the market for five to seven weeks.
“I wouldn’t say it’s doom and gloom, but it’s not an easy market, that’s for sure,” he said.
He said vendors needed to be realistic about their price.
“Sellers need to look at the last three months’ of sales, not the past 12 months,” he said.
Hockingstuart Werribee senior sales consultant Samantha McCarthy said while there were plenty of media reports about house prices dropping about 10 per cent, this did not seem to be occurring in Wyndham.
“The outer western market place hasn’t seen a huge shift in prices, we haven’t seen it drop as drastically as the media and some organisations have been reporting,” Ms McCarthy said.
“Some properties might not achieve the same price they would have 12 to 18 months ago, but that is to be expected, because the market couldn’t have sustained that kind of growth.”