Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

Affordability the key factor attracting home buyers to Melbourne's west: HTW residential
Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

Melbourne’s west has been a story of growth in recent years, according to the latest Herron Todd White (HTW) residential report. 

The valuation firm took a look at what's bringing new residents to different residential markets or, conversely, driving them away. 

The report suggests new greenfield offerings in the cities of Wyndham and Melton stimulated a large population influx, emerging new community centres and population centroids further out of traditional demographic hubs of metropolitan Melbourne.

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Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

"Affordability is a key factor attracting home buyers to the developing suburbs of Melbourne," the valuation firm stated. 

With metropolitan Melbourne’s median house price recording $785,000, there are still several suburbs in the west where buyers can get a foot in the door for under $400,000.

New developing areas such as the cities of Brimbank and Wyndham show a large share of emerging cultural communities including those from India, the Philippines, Iraq and Sri-Lanka.

Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

According to census data, Indians show a definite preference for housing projects located in the suburbs of Point Cook, Tarneit, Truganina and Rockbank.

"The choice of the location is a practical and pragmatic housing decision as the greenfield offerings remain one of the most affordable across Melbourne," the valuation firm said. 

A three bedroom house in Tarneit has recently been sold for $590,000.

The Victorian family home at 88 Sunset Views Boulevard (pictured below) comprises four bedrooms, timber kitchen, family/dining area and outdoor entertaining area. 

It's located within walking distance to Tarneit Railway Station, Tarneit Central Shopping, Early Learning Centre. 

 Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

A new listing in Point Cook is a four bedroom renovated home priced between $620,000 to $625,000.

Set on a 425 square metre block, the family home at 12 Island Way (pictured below) comprises four bedrooms, kitchen, dining area, and open space.

Affordability the key factor attracting home buyers to Melbourne's west: HTW residential

There are specific locations in the developing western suburbs considered desirable for housing, being Ashley Gardens Estate in Hoppers Crossing and Wyndham Waters in Williams Landing.

The report notes the proximity to transport, easy access to freeways and proximity to shopping, educational and leisure centres attract buyers who look for functional neighborhoods.

"The high demand has impacted prices, moving prices paid above the median house price for the locality," the valuation firm added. 

Major western region infrastructure upgrades, including transport projects and roads upgrade, construction of pedestrian overpasses and paths for cyclists, are underway and due for completion in 2021.

The much-anticipated upgrade of the western road network gives local businesses opportunities for growth and access to places of employment.

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West Melbourne Htw

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