Wyndham Tops Nation For Home Value Growth
A BOOMING part of Melbourne’s outer west is Australia’s top performer for dwelling value growth over the past 10 years, new data shows.
Homes values in Wyndham rose a massive 129.9 per cent to $540,644 in the decade to October, according to CoreLogic.
The analysis used statistical area level 3 (SA3) measurements, rather than council areas, which consist of between 30,000 and 130,000 people.
Sydney’s Penant Hills/Epping region came in second, with 126.2 per cent growth to $1,719,229, followed by outer Melbourne’s Melton/Bacchus Marsh at 124.8 per cent to $476,257 and Casey/South with 124 per cent to $568,455.
Rounding out Victoria’s top five, dwelling values in Cardinia rose 112.5 per cent to $530,898 and 109.9 per cent to $646,491 in Dandenong.
Realestate.com.au chief economist Nerida Conisbee attributed the Wyndham value boost to improved housing stock, increased demand and the price point of its properties.
“Affordability is a big one,” she said.
“It does provide a far more affordable option and if you look at the length of distance of Wyndham to the city compared with Casey to the city, you’re looking at a far closer location and there’s good public transport out there, which is another one that really helps in terms of popularity.”
Ms Conisbee said hits on realestate.com.au showed there was also strong offshore interest from China and India in the outer west.
Affordability had also helped boost the Geelong and Ballarat markets, which rose 66.5 per cent to $458,700 and 49.7 per cent to $325,083 respectively, she added.
Hocking Stuart, Werribee, agent Samantha McCarthy said improved infrastructure including the Tarneit train station and upgraded Pacific Werribee shopping centre were drawcards for the Wyndham area.
“There’s been a huge amount of growth but compared to other areas 32km from the city in the north and eastern suburbs it’s still affordable out here,” she said.
CoreLogic research analyst Cameron Kusher said the data showed the dominance of Sydney and Melbourne for growth in Australia.
“It’s important to keep in mind that between them, Sydney and Melbourne account for an estimated 40.3 per cent of the national population and 58.3 per cent of the total value of dwellings nationally,” he said.
“Given this, it really highlights the extent to which the performance of the Sydney and Melbourne housing markets will drive the national headline growth figures.”