End-of-year property market update
This is our end-of-year property market update of 2021. Are you thinking of selling in 2022 and wondering what is in store for the property market in Wyndham City? You’re not the only one!
It’s been an unusual market across Melbourne. As always, there are many factors that will influence property prices in 2022. Such as the ongoing impact of COVID on travel, work and international arrivals and departures.
Saying that, Point Cook, Sanctuary Lakes and surrounding suburbs west of Melbourne continue to grow in popularity and appeal. As more people choose to move here, we can expect to see more facilities develop in line with demand.
Looking back to look forward
We’ve been selling property in the region west of Melbourne for 25 years. The area continues to grow and offers great returns for those who choose to live or invest here, as we discussed in a recent blog on why people should invest here.
Point Cook, for example, has seen steady growth over the last five years. Thanks to its appeal for families, green spaces and proximity to Melbourne’s CBD. As a fairly new suburb, there’s a good choice of modern housing and it has seen a compound growth rate of 7.8% for houses and 5.9% for units, based on five years of sales.
What’s been happening with house prices in 2021?
Surprisingly, the housing market has remained strong despite the impact of COVID on the wider economy. House prices in Melbourne have risen steadily this year, despite ongoing lockdowns, and hit another high in the September quarter, with the median house price hitting $1,037,923. Annually they are up by 16.8 per cent.
This, of course, makes areas a little beyond the CBD both more affordable and far more appealing for buyers who want to work in the city but have their own home and space for a family.
We have noticed this steadily growing appreciation for what our suburbs offer, and back in June achieved a record sale ourselves: a Sanctuary Lakes property that sold for $3.2 million, setting a new house price record for Wyndham as a whole. With this particular property, a luxury four-bedroom home, we showed multiple people through, received several international queries, but ultimately sold it to a local buyer, who appreciated its value and was willing to pay for it.
So we continue to feel optimistic about the local market and the ongoing appeal of the area. If you are thinking of selling, now is a great time to start planning to get the best possible price for your home. We tend to see more competition between buyers when sellers take the time to present their homes well in the run-up to the sale, something we covered in our blog on selling homes in the Wyndham City region.
What lies ahead for the property market?
Right now, the market looks set to continue strongly. There is some talk that house price growth will slow in 2023 if interest rates rise from their current historic lows and that any growth will be weighted more towards the first half of 2022. Some pundits are also predicting a moderate correction in 2023, which may possibly extend into 2024.
So, if you are thinking of selling, it may be worth getting in sooner rather than later, if that’s one of your goals for the coming year.
We have been buying and selling in this area for years, and we have a strong overview of the local market and its buyers. Please feel free to get in touch with any questions or if you’d like us to give you an appraisal.
