It seems there is no slowing down house prices in Tarneit.
Recently released data from the Real Estate Institute of Victoria (REIV) revealed that Tarneit experienced the highest quarterly price increase in the Wyndham municipality for January, February, and March 2022. The suburb saw an overall increase of 6.8%, taking the median house price to $660,000 for the first time in the suburb’s history.
The surrounding suburbs of Manors Lake and Hoppers Crossing saw comparable growth rates at 5.1% and 4.5% respectively, while Wyndham recorded an annual increase of 9.2% to bring the median house price to $665,000 for the municipality.
Tarneit continues to be a hotly demanded location for families thanks to its proximity to Avalon Airport, accessibility to the CBD, as well as government investment in new schools, community amenities, and planned infrastructure improvements. Rapid development in the region provides unbeatable lifestyle opportunities for residents and will no doubt result in continued growth in property values well into the future.
As well as record house prices, the area continues to attract tenants, with 27% of the current population renting their homes. Landlords enjoy a stable 3.1% return, strong against the metro-Melbourne average yield of 2.3%, proving Tarneit isn’t just a great place to live but also to invest.