From premium hotspots on the bay to relatively affordable family homes close to all the amenities, the most popular areas have been revealed.
Property buyers poured over $1 billion into the south-western Melbourne suburb of Point Cook in 2024, as rising interest rates and cost-of-living pressures drove demand for affordable family homes.
CoreLogic head of Australian research Eliza Owen said the contrast between suburbs on the list underscores a growing demand for more affordable housing options. “Those suburbs are no stranger to the top sales rankings … the high-interest rate environment has definitely hit demand harder at the high end,” Owen said.Owen observed a 20 per cent year-on-year rise in sales for Point Cook, fuelled by ongoing developments likely to sustain its upward trajectory.
“ is the highest transacting suburb in Victoria. It has been for quite a few years, because it’s massive, like number of homes are just incredible.”“You’ve got absolutely everything in terms of amenities, schools, proximity to the CBD, and the airport … We get a lot of home buyers moving from within the Wyndham corridor, it’s the natural progression,” he said.
“Economic conditions in Victoria, the interest rate rises nationally, just depleted the buyer pool in general, so there’s less buyers for each property … You’ve got vendors who don’t need to sell at a lower price … And buyers who are also holding their ground because they believe it’s not going to get better overnight.
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