Point Cook brings in record returns in 2021
Property sales in Point Cook generated just under a billion dollars of revenue last year. Placing the suburb in fifth place on a list of the suburbs with the highest sales revenue in 2021. With a median house price of $778,000 and 1250 houses sold, now is the ideal time to consider selling your Point Cook property.
Read on for a snapshot of the real estate suburb profile and some insight into upcoming real estate trends.
What is driving Point Cook house price growth?
Property analytics firm CoreLogic reported that the estimated value of Australia’s residential real estate had gone from $7.2 trillion to a record high of $9.4 trillion in just 12 months. According to their head of research, Eliza Owen, “strong housing market performance over the year was driven by multiple factors, including low interest rates, fiscal and institutional support for households, high household savings and relatively low levels of advertised stock”.
At Established Property, we’ve seen a significant surge in interested buyers contacting us for listings in the area. More people seek larger homes and more space as working from home has become more common.
What does this mean for the local property market in 2022?
If you follow the latest Melbourne property market news, you may get the impression that we are reaching a property price peak. You could be right. PropTrack director of economic research Cameron Kusher said: “while prices are continuing to rise, they are doing so at a slower pace.” One factor may be that the long lockdowns in Melbourne led to many people listing towards the end of 2021. There was a listing boom from October, which is now starting to level out a little.
The Commonwealth Bank of Australia went as far as to predict that house price growth will slow down substantially in 2022. Before actually going backward in 2023. Point Cook property owners may want to consider capitalising on the house price growth now, by putting their home on the market sooner rather than later. Others may be tempted to make a strategic property investment by purchasing a property.
Is a property in Point Cook a good investment?
Point Cook is a fantastic place to own a home, as we’ve covered in a previous article. Local real estate experts for this area get unrivalled insights into buyers investing in Point Cook. Families flock to the area for the great schools, recreational facilities, conveniences and proximity to the city. The region continues to develop every year. Growing families want spacious modern homes and outdoor areas without the inner-city price tags.
For those who may be considering moving away in the next couple of years, it makes sense to strike now. Sell your property while Point Cook property prices are still rising.
Despite predictions of an overall drop in prices as of 2023, this suburb will continue to develop. If you are looking to settle somewhere for a few years, Point Cook is still a great investment opportunity. Whatever your plans, it pays to speak to an expert who can advise you.
If you are a Point Cook resident interested in listing your property for sale, or you wish to know more about real estate in one of Australia’s most sought-after suburbs, contact our team of local experts at Established Property at info@estproperty.com.au.
