House Prices Tipped to Grow

Median house prices in Manor Lakes, Werribee and Wyndham Vale are predicted to experience “strong growth” next year, according to a property market outlook report.

The report, from property analytics company Higher than Average Growth (HtAG), was prepared for the developer Vestbuild last year.

HtAG has forecast that median Manor Lakes house prices will “grow strongly” by the second quarter of 2022.

The report predicts the median house price in the suburb, which presently stands at $565,000, will grow by 4.95 per cent.

Median house prices in both Wyndham Vale and Werribee are predicted to grow by 2.67 per cent in 2022.

The report said that Werribee houses increased in value by 2.16 per cent to $579,472 last year, although Wyndham Vale houses fell in value by 1.12 per cent to $491,560.

House prices in Tarneit are forecast to increase by 0.29 per cent next year. The report said that Tarneit houses grew in value last year by 0.06 per cent, to reach a median of $588,805.

The report said its price predictions were based on historic sales data.

AVID Property group general manager Peter Vlitas said that demand was growing for larger homes in areas such as Wyndham Vale.

AVID Property is developing the Savana estate, which has 640 residential lots, near Wyndham Vale train station.

“There’s market demand for larger homes in Savana and with 86 per cent of homes being built falling into the four and five-bedroom category, we have definitely been seeing that in our community,” Mr Vlitas said.

AVID Property Group expects the Savana community to grow more than 20 per cent in the next 12 months and become home to 1600 residents.

“Demand for land has been so strong that we began construction on our next stage even before a release had taken place,” Mr Vlitas said.

“The Glen Estate and Ashford Park land has sold out !”  as anticipated by its major selling agent Richard Falzon of Wyndham Real Estate.