By YASEMIN TALAT
A drop in house prices in Werribee, Hoppers Crossing and Tarneit has made houses more affordable in Wyndham.
The Victorian Property Sales Report indicates a decrease in house prices in the three suburbs in the October-December 2012 quarter compared to the same quarter in 2011.
The report released by the Department of Environment and Primary Industries this month, reveals the biggest drop in median house prices for the 2012 quarter was in Werribee with a 6.6 per cent decrease compared to the same quarter in 2011.
In the Oct-Dec 2012 quarter the median house prices in Werribee dropped to $285,000 compared to $305,000 in 2011.
Barry Plant Real Estate’s Werribee Director Donald McKillop said prices were now more affordable.
Tarneit also received a drop in median house prices according to the report, by 4.2 per cent.
In the Oct-Dec 2012 quarter, the median house prices in Tarneit were $345,000 compared to $360,000 in 2011.
Mr McKillop said Barry Plant had an extremely good turnover in Tarneit, although land sales had tightened.
“It’s simply because first home buyers have lost their grants over the last year or two, so in a way they’ve been pushed out of the market,” he said.
Mr McKillop said the results were an indication of a constantly fluctuating property market.
“You’ll find these reports will change within the next 12 months,” he said.
Mr McKillop said the prices reflected affordability.
And with interest rates at an all-time low, he said it was a great time to buy in these areas.
