Properties in Melbourne’s west selling like hot cakes
It’s no secret Melbourne’s west has a diverse history of industrial and commercial development, but in recent years we’ve witnessed a huge boom in residential development.
In terms of capital growth, homes in the western suburbs have achieved an average of 14.6% over the last 12 months, the biggest increase of any other area in metropolitan or regional Melbourne. It may have just been the season for hot cross buns, but property in Melbourne’s west is selling like hotcakes!
Development sites and homes on large land: The strong mix of first and second-home buyers in the western suburbs means that the properties being bought and sold vary greatly in terms of size and amenities, but all tend to provide great value for money. First-home buyers looking to get a foot on the property ladder are often attracted to new developments in the inner west more than fixer-uppers because it means they don’t have to do any further work on the home. However, second-home buyers, typically coming across the bridge from South Yarra or Prahran, are usually seeking to upgrade from an apartment to a property with land.
Emerging hot spots: The western suburbs team have identified Wyndham Vale (31km from the CBD) as a particularly good value area for buyers to consider, with 3 to 4 bedroom properties with land available from around $300,000. For example, 329 McGrath Road in Wyndham Vale, an ideally-positioned three-bedroom property with a double garage set in 574m2 allotment, was recently sold for $370,000.
Shift to auctions: While traditionally areas such as Werribee have sold around 90% of their properties through private sale, around 70% of properties in the area are now sold by auction. With demand high and increasing numbers of homes going under the hammer, vendors are getting great prices for their properties.
With increased competition, affordable prices and a well-connected location, it’s a great time for buyers and sellers alike to make the most of the western suburbs’ dynamic and booming property market.