Wyndham did the heavy lifting to boost sales by 4% in the western growth corridor, with 431 of the 755 lots sold coming from the expanding suburb during Q1 2024.
Our Q1 2024 Victorian Greenfield Market Report shows that Wyndham lot sales rose by 53%, despite Melton remaining the top contributor of new lots, although it saw minimal quarter-on-quarter changes.
The west’s share of total sales across all growth corridors declined to 37%, while average days on market increased by 43% to 184 days.
The median lot price rose by 1.4% to $370,000 in line with the northern corridor – both of which remained the most affordable of the greenfield markets.
The west saw a modest increase in new land releases of 8% to 632 lots, with new supply in Wyndham climbing by 41%.
RPM National Managing Director of Project Marketing, Luke Kelly said it was positive that the West retained the title of the most affordable corridor together with the north.
“The west experienced a modest increase in sales due to its affordability, which is highly appealing to greenfield buyers,” he said.
“New supply climbing in Wyndham helped to fuel a significant sale surge there of more than 50%. However, the same wasn’t true for Melton where new supply also increased while largely not impacting sales.”
“Stock returns continue to tick upwards, which is of concern with 300 returned to the market this quarter – a 15% increase on the prior corresponding period,”
This article references findings from our Q1 2024 Victoria Greenfield Market Report.