Demand For Homes Stays High In 1 State While The Rest Fall Back
Rising interest rates have eased demand from potential buyers, which has been reflected in the slowing of home price gro...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $735,000.
The upward trend in home prices in POINT COOK, 3030 averaged 5.25% per annum over a 3-year period.
Average weekly rents on listings have reached the $410 mark, reflecting a 2.9% increase in returns based on the current median price in POINT COOK.
An average of 114.5 real estate transactions take place per month in POINT COOK which translates to 1374 per annum.
1374 properties were sold in POINT COOK in 2016, making it the 637th most active market in VIC based on total real estate transactions.
POINT COOK, 3030 places 556th in Australia based on median property value growth during the quarter.
Point Cook real estate logged impressive gains in the past three to five years, thanks to increasing interest from property investors who were quick to pounce on the suburb’s potential. New developments are coming Point Cook’s way, hot on the heels of the record sales of units at a townhouse project. Community centres and facilities are being built to cater to its population, which has doubled in a decade and adds about 3,000 people every year. Residential projects are also in the pre-planning stages.
Community facilities and things to do
Home buyers see the suburb’s access to medical centres, academic institutions, restaurants, and retail and commercial hubs attractive. Point Cook is an hour’s drive from Melbourne’s central business district, and close to several points of interest. The suburb is home to the Royal Australian Air Force, and the Point Cook Coastal Park, which belongs to the Cheetham and Altona Important Bird Area. It is also a stone’s throw away from the Wyndham Harbour Marina in Werribee.
Properties within reach
The median price for houses for sale in Point Cook has swelled in the past year, though buyers should have no qualms about being priced out. There’s a lot of room for people entering Point Cook’s property market, even for first time home buyers.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||9.62%||2.51%|
|Median 3 years||15.75%||10.39%|
|Median 5 years||43.98%||36.91%|
|10 years average annual||5.28%||4.36%|
|Weekly media advert. rent||$410||$380|
|Time on Market||45.2 days||62.9 days|
|Gross Rental Yield Percent||2.9%||3.87%|