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Melbourne’s West End housing prices perform best

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28 Catamaran Drive, Werribee South is one of the more luxurious apartments that attract buyers to the unconventional waterfront center in the west.

Werribee South is the best-performing detached house market in the West in the past 12 months, but the unit price of Sunshine has also soared by nearly 50%.

Due to the “domino effect” following the lockdown last year, property prices in Melbourne’s western suburbs have soared as homeowners in the city centre continue to trade their more expensive cushions for larger, more affordable houses.

According to data from realestate.com.au, Werribee South’s median house price rose the most in the entire region, rising 25% to A$775,000.

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22 Cayleys Rd, Werribee South sold for an astonishing $960,000.

Brooklyn detached houses rose 18.8% to $820,000, while Maidstone rose 14% to $832,500.

House prices in Kingsville, the inner city center, rose 13.2% to US$1.155 million. Albanvale, Ardeer, Sunshine and Melton South are also among the best suburbs in the west. Buyers can still enter the market for less than US$1 million.

Ray White Werribee director Robert Krnjeta said that after years of being “neglected”, buyers have recently realized the potential of Werribee South as an affordable area to purchase “waterfront properties.”

1/46 Corrigan Ave in Brooklyn was sold for $700,000 in November.

“Usually, when you own a waterfront property in Altona, Williamstown or Port Melbourne, it sells for millions of dollars, but Southwark is still great value for money-and a similar lifestyle,” Said Mr. Kernjeta.

“The built wharf is really united. (It) is becoming more and more well-known.”

The Wyndham Harbour Wharf (Wyndham Harbour Wharf), which opened in 2016-with cafes and restaurants along the boardwalk-calls Werribee South “Melbourne’s newest marina suburb”.

Best performing suburban home

Suburbs, median house price, change in 12 months (percentage)

  1. Werribee South – Median $775,000 – 25%
  2. Brooklyn – 820,000 USD – 18.8%
  3. Maidstone – $832,500 – 14%
  4. Kingsville – US$ 1.155 million – 13.2%
  5. Albanville – US$580,000 – 12.7%
  6. Ardeer – 650,000 USD – 12.1%
  7. Melton South – 481,000 USD – 11.9%
  8. Seden – US$1.115 million – 11.5%
  9. Sunshine – US$834,750 – 11.2%
  10. Yarraville – 1.1 million USD – 11.1%

  11. Data: realestate.com.au. The suburb’s sales in the past 12 months must exceed 20

But houses like 86 Williamstown Road in Kingsville have already exceeded the median, and the price is hoped to be between US$1.45 million and US$1.55 million.

Mr. Krnjeta said that since the beginning of the pandemic, interest in opening his office for inspections has increased by about “150%.”

“Supply and demand have a domino effect,” he said.

“Inner city buyers are selling their apartments and coming to the west with a healthier budget, and in the west, people are getting closer to these areas.

“Before, you might receive an offer (for properties in the area) every two months. Now, we have received some offers on the market in just a few weeks,” he added.

But the broker warned that the West may not always enjoy an affordable reputation because he noticed that more and more investors and home buyers from Sydney are also paying attention to this corridor because it is based in New South Wales. Million-dollar prices in the western part of the state may increase.

Units like 1/2 Ritchie Court, Sunshine are very popular with first-time home buyers, who can afford a guide price of $500,000-$550,000.

Unit prices in western Melbourne followed the same upward trajectory, as Sunshine’s soaring market attracted first-time home buyers and investors with its median of US$575,000.

The price of a typical unit in the neighboring suburb of Albion increased by 38.2% to US$380,000, while the median price of Kingsville of US$590,000 has risen by 38% in the past year.

Data from realestate.com.au shows that Tarneit, West Footscray, Sunshine North and Sunshine West are not far behind.

The apartment at Sunshine Hertford Road 2/48-50 sold for US$400,000 this year.

West Footscray Rupert St 2/150 is priced at 365,000-385,000 US dollars.

Jason Allen, director of Barry Plant Sunshine, said that the discount for first-time buyers means that in Sunshine and surrounding suburbs, “anything less than $600,000 has been eliminated.”

He said that for owner-occupiers and families, Albion is also a fast-growing center.

Record low interest rates and the new Melbourne Airport Railroad project in Victoria (expected to begin construction in 2022) have cemented the region’s reputation as a growth corridor within only 12 kilometers from the Central Business District.

Best performing unit suburbs

Suburbs, median unit price, 12-month change

  1. Sunshine – 575,000 USD – 47.4%
  2. Albion – US$380,000 – 38.2%
  3. Kingsville – US$590,000 – 25.5%
  4. Delivery-455,000 USD-15.2%
  5. West Footscray – US$567,500 – 14.4%
  6. Sunshine North – US$528,000 – 13.5%
  7. Sunshine West – US$524,000 – 12.8%
  8. Ardeer – 595,000 USD – 11.9%
  9. Brooklyn – 632,500 USD – 11.5%
  10. Seddon – 537,000 USD – 11.4%

Data: realestate.com.au. The suburb’s sales in the past 12 months must exceed 20

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