New rail infrastructure to boost western Melbourne property market: HTW
In 2016, there was a large increase in demand for properties in Sunshine, 11 kilometres west of Melbourne’s CBD, according to HTW’s February 2017 update.
The valuation firm says the median house price grew $172,000 or 25.5% to $847,500 from the start of the year to December 2016.
“It will be interesting to watch if this price growth spills over into surrounding suburbs such as Sunshine North over the next 12 months,” the firm says.
“With a median house price in Sunshine North of $654,500 and $613,250 in Ardeer, according to CoreLogic, these price points are well below that of the hotspot of Sunshine and it will be worth observing if this gap closes during 2017.”
Further west, the new Caroline Springs V-Line train station and line duplication between Melton and Deerpark is opening in February 2017.
Serving Caroline Springs as well as the adjoining suburbs of Burnside, Plumpton, Taylors and Hillside, this is a highly anticipated major infrastructure boost to this western growth corridor of Melbourne.
It is expected to be used by 1,500 people per day rising to 4,800 per day in 2020, according to PTV.
The outer western suburbs such as Wyndham Vale, Werribee, Tarneit and Truganina still provide affordable entry in to the current property market, HTW says.
The median sale price in December 2016 for Wyndham Vale was $416,000, Werribee was $455,000, Tarneit was $530,000 and Truganina was $478,000, according to CoreLogic.
A three bedroom house at 56 Evergreen Drive, Wyndham Vale (above) is currently listed for between $429,000 to $459,000.
A three bedroom house at 53 Duncans Road, Werribee (below) is currently listed for sale.
“Development is occurring at a rapid pace in this area and there are many large estates at various stages of construction,” says HTW.
The population of Truganina is forecast to double to 40,000 by 2036 while that of Tarneit will almost triple to 89,417 in the same period, according to Wyndham City Council data.
