If you’re wondering which of Australia’s cities is the best performing property market over the last decade, then the answer is the oldest town in Melbourne, Wyndham. Wyndham is named the property market that is performing the best over the last decade. According to a study made by CoreLogic, Wyndham’s property prices grew as high as 130 percent. Pennant Hills in Sydney came in second with price growth up to 126 percent during the last 10 years.
However, if Wyndham and Pennant Hills were to be compared, Wyndham’s prices are definitely growing from a base way lower. Wyndham’s median price was at $540,644 last year. Pennant Hills to Epping start at $1.7 million. The growth of Wyndham to 130 percent surprised many, including Hockingstuart Werribee's Samantha McCarthy who knew that the market in the area was strong, but not this much because the area is known more for family homes, and so far, more developments have been seen including medium density housing.
Over the years, the inner-city suburbs are still affordable, they have really started to become more and more expensive. Because of this, people have started to explore other parts of Australia and moved out. According to Samantha, part of the Wyndham and Werribee's appeal for buyers is the increase in infrastructure such as new train stations that made it easier for commuters in the area. And because the East Hub in Werribee is also in development, it will surely attract more buyers that will add to the area’s population.
In the past, Wyndham was considered undervalued which, in a way, added to its appeal. Because it was quite underrated, people thought it was of good value. Wyndham’s residents used to be the main buyers and sellers. But in the last five years, the city’s demographics have changed according to Paul Nuske in an interview.
The study performed by CoreLogic also revealed that Melbourne and Sydney have really outperformed other cities in Australia in terms of property market growth. Outside of the two cities, it was only Katherine that actually recorded growth that’s higher than 50 percent. However, it was Perth that only recorded 17.5 percent growth in the past 10 years, in areas such as The Serpentine to Jarrahdale areas. Canning region recorded much lower with a growth of just 4.3 percent.
With this data, you could definitely tell that Wyndham is the best in the property market, something investors should take interest in.