Point Cook is one of the major growth regions in Melbourne’s western suburbs. Wyndham was recently named as Australia’s fastest growing suburb. When we first opened our real estate office here in 1997, it was little more than farmland. What changed everything, was Greg Norman’s backing of a unique resort-style housing development and golf course at Sanctuary Lakes. Simultaneously, Point Cook and its surrounds were growing and drawing in families.
Back in 2001 Point Cook had just 1,737 residents, but the 2016 census showed that the area was home to some 49,929 people. In 2023, the population is expected to be 69,541 and to grow by another 10,000 towards 2041.
So, clearly the area is continuously growing. But why are more and more families choosing to settle in the Wyndham City region? And what does this mean for property investors?
Point Cook real estate is a safe bet for investors
Point Cook and Sanctuary Lakes are an easy 22 kilometres commute away from Melbourne CBD. The commute time should improve significantly with the finalisation of the West Gate Tunnel coming up. The quiet, semi-rural feel to the suburb, while still being surrounded by parklands, schools, shops, makes this a great area for professionals to settle with their families. Plus, there is a continuous number of generously sized and affordable homes being built in the region. Making it attractive to first-home buyers and renters as well.
Rental returns are typically strong. Around 30 per cent of homes are rental properties, mostly catering to families. We’ve also seen increased demand for rental properties as people look for lifestyles based away from the city. Now that many people are spending more time working from home, renters want to live in an area with lots of recreational space as well as lifestyle facilities.
Many tenants are new arrivals in Australia who rent rather than buy for financial reasons. They might be saving for their own property, or they are still deciding where they want to live long-term. Around half of all residents are born in Australia, while others moved here from India, China, New Zealand, England and the Philippines.
What is the Point Cook area like?
Our area is popular with families. Homes are generous in size and often double-story. Around 65% of residents are families, both young and established, who love the combination of a relaxed lifestyle and easy freeway access to Melbourne’s CBD.
The Sanctuary Lakes resort in particular is a hidden gem. As a housing estate, it’s very secure and praised by residents for its quiet streets and plenty of nearby parklands where kids can enjoy outdoor play.
Local businesses responded to the growing population and its needs. Now there are several modern shopping centres close by, such as Point Cook Town Centre and Sanctuary Lakes Shopping Centre. They offer everything families need for day-to-day needs, entertainment, or a meal out.
Your property will be in close proximity of a thriving shopping hub. Point Cook’s main street reflects the area’s multicultural demographic. Some wonderful dining options are present here; serving Chinese hot pot, dumplings and Nonya cuisine, authentic Indian eateries, and family favourites like Grill’d. For supermarkets, clothes shopping and services, Pacific Werribee shopping centre has everything you need. Along with a great food court and a cinema! The area also boasts many schools, including Alamanda College, Featherbrook College and Point Cook Senior Secondary College.
Point Cook Coastal Park is another drawcard for families wanting to give their kids access to green space and nature out of the city. Plus, there are always exciting activities going on. For example, the Werribee Open Range Zoo is an unique experience for animal lovers. Offering safari bus rides through open grasslands and a chance to see giraffes, bison, zebra, rhinos and more up close. For the grown animal lovers, you can also combine a day at the zoo with a visit to the local Shadowfax winery. Making the day even more fun.
What are the investment options?
Point Cook real estate mostly consist of both single and double story family homes. The majority of them are newly built in the last 20 years or so, ensuring that they are modern and generous in size. The median price for Point Cook homes in December 2022 was $760,000, a 5.6% uptake from the year before. Prices in Point Cook and Sanctuary lakes are definitely expected to keep rising in the years to come.
The newer family homes are well thought out in terms of living nooks and spaces and are built to be energy-efficient and low-maintenance. Townhouses are a great buy for investors who want an easy-to-manage property that appeals to a broad spectrum of tenants, including professional couples, young families and downsizers.
Rental yields have remained steady over the last ten years, and we believe that real estate across the region will see strong equity growth over the next decade. If you are looking for an investment property, consider houses in Point Cook rent out for $440 per week with an annual rental yield of 3.2% and units rent for $380 per week with a rental yield of 3.9%. Why would you invest in an older style home further away from the city, when newer homes are a great investment here in Point Cook?
Is the Point Cook real estate market too small for you in your search for an investment property? We also wrote an article about why Wyndham is a great option for property investors.
Talk to us about property
There’s never been a better time to invest right here in Point Cook and Sanctuary Lakes. We have a long-established property management division within Est Property and many years of experience looking after investment properties for our clients. Who often go on to purchase additional properties through us and expand their portfolio.
If you are thinking of investing in property here in Wyndham city – or have a property that you would like us to manage for you– please get in touch.