Wyndham City - South-Western suburbs of Melbourne
Wyndham City remains a strong market because of its affordability. It continues to deliver solid growth, with Tarneit and Wyndham Vale each recording double-digit growth in median house prices in the last 12 months.
The Housing Industry Association has named four Wyndham City suburbs in its Top 20 national hotspots, based on residential building work approvals and population growth: Point Cook, Truganina, Tarneit and Werribee.
This 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 previous 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 was absorbed by the market and vacancy rates in the key suburbs became contained between 2014 and 2018, but have begun to rise again.
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 a strong need for new dwellings, with the LGA’s population rising around 10,000 per year. It’s a case of getting the balance right.
This report covers Hoppers Crossing, Point Cook, Tarneit, Werribee and Wyndham Vale.