Wyndham City - South-Western suburbs of Melbourne
Areas that offer affordable homes are attracting increasing attention in the Melbourne market. The Wyndham City area is one of the most active markets in the metropolitan area, with Hoppers Crossing, Point Cook, Tarneit, Werribee and Wyndham Vale achieving a combined 3,400-plus house sales in the past 12 months.
All of these suburbs have achieved double-digit price growth in the past 12 months and Wyndham’s capital growth performance over the last decade has earned the region top billing nationally.
Wyndham City, in the corridor between Melbourne and Geelong, benefits from the $5 billion Regional Rail Line, which has provided faster links from Wyndham City to central Melbourne.
But its growth potential depends on the activity of developers. The key issue in recent years has been over-supply. Developers, drawn by the area’s status as one of Australia’s leading population growth regions, built too many new homes in the past. In 2011, vacancies rose above 6%.
The surplus has been absorbed by the market and vacancy rates in the key suburbs are now low. Wyndham City’s potential as a Hotspot depends on whether it can avoid a repeat of those over-supply days. At the same time, there is now a strong need for new dwellings, with the LGA’s population rising around 10,000 per year.
This report covers Hoppers Crossing, Point Cook, Tarneit, Werribee and Wyndham Vale.