In the Melbourne market, gems are popping up further out
Affordability can be one of the first things that comes to mind when looking for a property to buy. Whether pursuing your next investment opportunity or looking for your forever home, you can only buy what you can afford.
With affordability being such a big driver in the modern market, particularly in capital cities across the country, potential buyers are looking at property prospects that are further away from cities as go-to options.
In Victoria, one such option is Point Cook.
It is a great setting for young and growing families, due to its large homes set in delightful estate living. Older couples too have settled in the area for a semi-sea change.
In terms of schools, there are both primary and secondary in the area. Public transport is made up of an expanded bus network, a train station nearby (William’s Landing) and good freeway access for drivers.
While it may be best known as the home of the RAAF Base Williams, your average resident’s lifestyle can include admiring the coastal park and a round or two golf at Sanctuary Lakes Club.
Point Cook is a fairly new suburb that is expanding and changing rapidly, due to new estate development and the building of stylish, modern housing. It also has a number of shopping hubs of its own.
Median property prices for the last 12 months were roughly $642,000 for houses to $432,500 for units.
If expanding your investment property portfolio is your goal, houses in Point Cook have an average rent of $400 a week and produce an annual rental yield of 3.2%.
Units typically rent for $380 a week and have a rental yield of 4.6%.
Based on the last five years of sales, Point Cook has seen a growth rate of 8.3% for houses and 4.0% for units.