Real Estate

Point Cook, Pakenham, Gembrook among Melbourne’s 2018 housing market winners

Written by The ReReport
As seen in the Source link, written by news.com.au on 2018-12-15 04:21:22

Point Cook and Pakenham have joined some of Australia’s wealthiest suburbs among the nation’s biggest property markets by value this year.

Sydney’s Mosman topped the list by property data firm CoreLogic, with more than $1 billion splashed on houses in the blue-chip postcode, followed by Melbourne A-listers Brighton ($829.3 million) and Toorak ($719.8 million).

But Point Cook and Pakenham weren’t far behind — homebuyers spent $679.5 million on houses in the former and $607.6 million in the latter, despite both having median values well below greater Melbourne’s $768,929.

Both hauls were up from 2017’s $581.8 million for Point Cook and $529.4 million for Pakenham.

RELATED: Point Cook still a top target of foreign property buyers

Point Cook among Melbourne’s most multicultural suburbs

Melbourne’s most popular residential streets revealed

CoreLogic research analyst Cameron Kusher said there were always some winners in a down market. This time, Melbourne’s had typically been outer suburbs offering houses “in the sweet spot” for first-home buyers seeking stamp duty concessions for purchases below $750,000.

All but three of the city’s top 10 annual growth suburbs for houses have medians values below this mark, and all bar one (Flinders) came in below $900,000.

They were led by Gembrook (up 13.6 per cent to $692,274), Tyabb (13.2 per cent to $619,654) and Lang Lang (10.8 per cent to $457,318).

For units, the biggest movers were Wyndham Vale (up 16.5 per cent to $391,689), Hastings (15.8 per cent to $391,713) and Tarneit (15.1 per cent to $428,648).

“The growth isn’t where it has been in the last few years, (but) there are still strong areas,” Mr Kusher said.

Over five years, Rockbank’s median house value has skyrocketed 92 per cent to $537,039 to lead all Melbourne suburbs, while Rosebud’s 66 per cent gains to $528,245 were the strongest for units.

Popularity rather than big prices placed Point Cook, Pakenham and also Berwick among Melbourne’s top markets by value.

More than half a billion dollars was also spent on houses in Glen Waverley, Kew, Mt Waverley, Balwyn North and Camberwell, as well as exclusive Sydney suburb Vaucluse,

where the house median is $4.05 million.

Buyers sank $793.7 million into units in Melbourne’s CBD to make it the nation’s top apartment market by value, with South Yarra ($377.5 million) and Southbank ($348.7 million) also big players.

Barry Plant Point Cook partner Ray Harb said families and first-time buyers were flocking to his suburb for its abundant parks and wetlands, thriving shopping scene, increasingly popular schools, and “great value for money”.

Upsizers were chasing the big backyards on offer, while the multicultural suburb continued to draw strong foreign interest, largely from Asia, Mr Harb said.

Longtime resident of Melbourne’s southwest Catherine Riches said she’d loved Point Cook’s “family friendly” feel and lifestyle perks.

She’s selling the five-bedroom Point Cook house she built about two years ago at 118 Fongeo Drive, in the sought-after Alamanda College zone, with a $790,000-$820,000 price guide.

“We’re directly across the road from wetlands, we’re close to the kids’ school, and there’s good shopping and freeway access,” she said.

samantha.landy@news.com.au

MELBOURNE’S 2018 PROPERTY MARKET WINNERS

Highest total value of sales

HOUSES

Brighton: $829.3m spent (median value $2.4m)

Toorak: $719.8m ($3.8m)

Point Cook: $679.5m ($676,736)

Glen Waverley: $629.7m ($1.3m)

Pakenham: $607.6m ($533,313)

UNITS

Melbourne: $793.7m spent (median value $484,721)

South Yarra: $337.5m ($576,852)

Southbank: $348.7m ($575,985)

Docklands: $293.4m ($582,155)

St Kilda: $256.3m ($506,936)

Greatest annual median value growth

HOUSES

Gembrook: up 13.6% to $692,274

Tyabb: up 13.2% to $619,654

Lang Lang: up 10.8% to $475,318

Flinders: up 10.5% to $1,574,002

Bunyip: up 8.7% to $586,009

UNITS

Wyndham Vale: up 16.5% to $391,689

Hastings: up 15.8% to $391,713

Tarneit: up 15.1% to $428,648

Braybrook: up 14.9% to $535,951

Thornbury: up 14.9% to $583,453

Greatest five-year median value growth

HOUSES

Rockbank: up 92.1% to $537,039

Flinders: up 86.9% to $1,574,002

Albion: 83.7% to $662,048

Ardeer: up 81.8% to $633,449

Frankston North: up 81.3% to $490,120

UNITS

Rosebud: up 66.3% to $528,245

Somerville: up 63.7% to $441,949

Hoppers Crossing: up 62.6% to $398,173

Wyndham Vale: up 62.5% to $391,689

Dromana, Tullamarine: both up 59% to $593,646, $489,473

Source: CoreLogic, for the year to November 2018