Hoppers Crossing properties are in hot demand among first-home buyers and investors alike.
The suburb experienced a 4.9 per cent price jump over the June quarter, which produced a median house price of $347,650, according to data released by the Real Estate Institute of Victoria (REIV).
This is the biggest property hike of any Wyndham suburb. Hoppers Crossing also topped the list of Victoria’s most popular suburbs for first-time buyers in the
2015 Westpac First Home Buyers Report, with more first-home buyers moving to the 3029 postcode in the six months to March 31 than to any other suburb in the state.
Joh Bauch, of Raine and Horne Werribee, said recent investment in Hoppers Crossing – including the Regional Rail Link, the $370 million Pacific Werribee redevelopment, and AquaPulse – made for a big drawcard.
“A lot of the improvements, both from the private and public sectors in Wyndham, have happened in Hoppers Crossing,” he said.
“The price point is also very attractive. Instead of buying a new house a couple of kilometres out in Point Cook, you could buy a cheaper house for $100,000 less and be pretty much the same distance from the city.”
Other REIV data shows price increases in Wyndham Vale, Tarneit and Point Cook.
On the flip side, the median house price for Truganina dropped 5.6 per cent over the past quarter, to $387,500.
David Lawson, director of Greg Hocking Lawson Partners, said the Wyndham property market had enjoyed a strong start to 2015, and he forecast a similarly strong spring.
Mr Lawson said Wyndham properties had attracted interest from Sydney buyers, who saw them as an affordable investment that could earn a five per cent rental return.
Meanwhile, Hocking Stuart Werribee director Julian Conte tipped that Tarneit and Wyndham Vale would be at the top of home buyers’ lists in coming months following the opening of two new railway stations.
Mr Conte said buyers who needed to commute to the city and migrants who were used to using public transport rather than cars, would be particularly keen to buy near the new stations.