Point Cook Real Estate Market – FY23 Wrap-Up

This past financial year portrayed turbulent conditions for the Point Cook real estate market. Rising interest rates, low vacancy rates, and investors pulling out of the market due to the cost-of-living pressures, EOFY 2023 has had it all and more. Nevertheless, the team at Established Property made sure to work hard and we are pleasantly surprised with how we have been able to handle all external factors as the professionals we are. Let’s take a look at the results of this financial year focusing on Point Cook.

How has the Point Cook real estate market performed?

The Point Cook real estate market has seen a decline in both listed and sold properties during financial year 2023. This is a trend that we have seen not only in our market space, but nationwide. Here is a comparison between suburbs on the west side of Melbourne:

© Property Data Solutions Pty Ltd 2023.

The median house price in Point Cook as seen an increase last financial year. Being a growing suburb, we expect the price to continually rise in the year to come. Even in a slower market, Wyndham remains a great area to invest in and we can help you find the right property for you.

Established Results

We have remained the number 1 agency in Point Cook and Sanctuary Lakes in both sales and leasing properties. Here is a breakdown of our results:

• Leased 503 properties
• Over 5000 Inspections
• Processed 35,000 enquiries
• Grew to over 40,000 contacts
• Listed 289 properties
• Sold 225 properties
• Total sales value: $210,653,870
• Broke sale record with 28 Heron Way, Sanctuary Lakes

As the first established real estate agency in Point Cook, the growth of our business has mirrored the growth and development of the wider Wyndham region. We are looking forward to remaining the best real estate agency in the west and will continue to contribute to the growth of Point Cook and Sanctuary Lakes.

Predictions for the Point Cook real estate market

National population growth from overseas migration places greater and more immediate pressure on housing demand than natural increase – as they often need to rent or buy upon arrival. Whereas natural population increase results in a more gradual housing pressure. Net overseas migration is estimated to be at a record high over the current financial year and next. Population growth will be a substantial factor pushing property prices higher. Nevertheless, Melbourne house prices will remain relatively stable over the next financial year if the forecast growth of 0% to 2% eventuates. This is influenced by the decreased buying power due to the continued rising interest rates and cost-of-living increase.

We can only make educated guesses when it comes to the Point Cook real estate market. There are many factors to consider, as outlined above.  We expect that investors will continue to sell their properties, until the interest rate stabilises. There is a rental shortage in our market space, which means that if a rental provider is not selling their property, they are likely to pass on the increased cost-of-living to the renters. Point Cook and Sanctuary Lakes are growing suburbs with a lot to offer buyers. With less properties going to market, but demand remaining or even increasing due to population growth, we expect house prices to slowly keep rising. Therefore, this financial year will be a good time to sell within our market space.

Looking for the best real estate agency in the west?

Our team at Established Property will offer you expert advise on how to best present your property to attract the right buyer. And if you are looking to buy, we look forward to finding the right property for you. Our property management services are all-encompassing for those looking to turn their first home into a rental property. We were the number one selling and leasing agency in Point Cook and Sanctuary Lakes for FY2023 and are determined to keep that title for FY2024. Talk to us, if you are looking for the best real estate agency in Point Cook.