Wyndham City - South-Western suburbs of Melbourne
Several of the suburbs of Wyndham City have been named by the Housing Industry Association among the top 20 fastest-growing areas in Australia, based on the level of residential building approvals and population growth.
Buyer demand remains strong here and while prices in many parts of Melbourne are declining, most suburbs in Wyndham City have delivered growth in median house prices in the last 12 months.
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.
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.