The western suburb of Point Cook is Melbourne’s second-highest performing property market of 2021, behind prestigious Brighton.
Of all the city suburbs, buyers spent the most in the two postcodes in the past 12 months, splashing $1.23 billion on homes in Brighton and $997.88 million on Point Cook, according to the Best of the Best report by CoreLogic.
One of Melbourne’s highest value markets with a total of 1250 sales and a $778,281 median house price, Point Cook’s sales were driven by first-home buyer activity buoyed by COVID-driven government incentives.
“Prices are now up 20 to 30 per cent and homes are selling within an average of three weeks of listing,” he said.
Demand and sales in the $1 million-plus range have skyrocketed and many homes are selling for prices beyond owners’ expectations.
Point Cook appeals to all types of buyers and offers great value for money, with asking prices for homes ranging from $500,000 to $2 million, Mr Harb said.
About 25km from the CBD, the suburb boasts improved infrastructure, shopping centres, quality schools and a great community spirit, and attracts families, singles and couples of all ages.
“You can get a decent lifestyle home here with multiple bedrooms, bathrooms and living areas on a big block for $1-$1.5 million, compared to Altona where that price will only get you a townhouse,” Mr Harb said.
“While there are many first-home buyers coming to Point Cook, those upgrading to their second home also love it here.”
Many are locals wanting to stay in the area and in coveted school zones near the vibrant town centre, parks, Altona Beach and Wyndham Harbour with its marina and recreational areas.
Second-home buyers splashed $1.17 million on a luxury four-bedroom house on 646sq m at 44 Innisfail Drive, Point Cook.
On the market for five days, the property attracted three offers and sold $70,000 above the owner’s price, Mr Harb said.
“The buyers were a local family upgrading, they loved the 45-square Porter Davis-built house with indoor-outdoor living areas and a triple garage opposite a park,” he added.
The property is in the sought-after Innisfail estate, near Stella Maris Catholic Primary School, Point Cook P-9 College, shops plus childcare and medical centres.
First-home buyers renting locally snapped up a charming four-bedroom house at 25 Copeland Crescent, Point Cook, for $714,000.
“They had been house hunting for 12 months and we're lucky to find this property which had been listed for only a few weeks,” Mr Harb said.
Packed with extras, the property is within easy access of the freeway, schools, parks, childcare centres, Williams Landing train station, bus stops and Stockland Point Cook Shopping Centre.