Why have house prices in Point Cook reduced so much this year?
13 Answers
LOL, I've been looking at buying, nothing decent under $700K
I find Homely.com.au has alot of hopefuls wishing prices would drop making unsubstantiated claims to the point of annoyance
The prices will go up / go down. That's what happened in US (2009 crash) and then again it went up. Earth population has increased from (6.8 Billion) 2009 -> (7.6 Billion) 2018, so the demand is always going to just keep increasing unless some asteroid fucks this up :-). Keep investing, keep treading for a better future. I will invest in SpaceX IPO as well (future proof - to mars). Enjoy.
Point Cook is Overpriced - No Doubt about it. I am watching this market for the last 3 years and see that the houses which quoted 650K-750K AUD in the year 2017 is asking for 950K AUD to over 1 million AUD now. In Point Cook if the seller is asking for 900K-1.2 Million range the actual price is 630K-750K, AUD. It does not worth a penny above that. It takes hours to reach freeway. Both Point Cook and Sanctury Lakes are SWAMP/MArsh Lands. IT IS OVERPRICED. Please think twice before investing here. I am one of the victims here who purchased a house here. Price is Point Cook area is a ballooned one.
You are not serious are you? Generalising too much as the areas like Saltwater and Sanctuary Lakes are tucked way out, the other parts of Point Cook next to Town Centre are really a lot more accessible, and within reach to other suburb's facilities and freeway where you are talking less thsn 5mins to freeway. While properties on Saltwater and SLakes had sufferred a big plunge, that is not representative of areas near the Town Centre.
Poor infrastructure planning not keeping up with the number of new estates being built each year.
The town centre while cute doesn't really cut it for variety.
Finally they're upgrading Sneydes road onto the freeway but that will just add you into the already bulging queue on the freeway.
The Point Cook Rd carpark takes longer to get to the train station than the train to the city itself and then you have Williams Landing and various other estates growing on the other side.
I looked into moving to Pt Cook 10 years ago but all of these problems were obvious then so I stayed in the South East.
The growing pains, but you know it is **growing**, like "Busy is always good". I am glad to be part of a multicultural point cook suburb, I have been exposed to so many different cultures and I see Australians like me becoming more open to all the cultures It's like a global city in making. I love it here, the business opportunities, my kids as global citizens with compassion this is what I wanted.
Comments from a South Easterner lol. I sure did remember the poor infrastructure going from city Kings Way to South East and stuck 1 whole hour from 7.30pm and had to make a turn and gave up the appointment. Another occasion gotten stuck all the way for almost 2hours from Chatstone towards Caulfield at around 6.30pm. Btw, you could literslly walk to the Williams Landing station from the Town Centre car park so getting onto freeway would be a breeze when the road works are completed which should be fairly soon. Like what Belindad5 says "shame your predictions were so off" or should we say "pity you your predictions were so skewed".
Point cook is the suburb to watch! Family oriented! 3 points of access to the freeway ?! And lots of space big homes ! And beaches close by! Hate traffic around the sth east, northern, so jammed with jams and schools! Here its easy peasy! And value for money which is showing as some houses that sold for $171 k 10 years ago are now selling for $700-$800k ! I would be jumping on it asap!
Belinda, purchasing during a lockdown doesn't reflect the real traffic issues in Point Cook. If you are a retired couple with nasal polyps, ( can't smell the sewage treatment facility ) and are asleep in bed by 7.30pm and don't have to fight your way to work or schools during peak hours the next day..... and have purchased a reinforced fortress, ( to prevent run- throughs and armed robberies) all is good. My friends and neighbours who still reside in Point Cook feel more unsafe than ever - in a post Covid dystopian Melbourne West. Tip- keep a large guard dog, and invest in an industrial quality air purification unit. The smell is terrible, yes, however I have real health concerns concerning the plants gas release. People should be able to open windows at night for fresh air.
Point Cook is a bubble suburb. Logistically there is nothing for investors to grip their toes in. It's too far from the CBD to be a good catch, the houses were over-priced and many are made with timber interiors, without double brick. It's former swamp land, which in my opinion is a risky move due to unstable soils etc.
The traffic is offputting.
And frankly the local council seem more concerned with bolstering the other areas in the west than addressing the sorely needed issues in Point Cook.
That's a lot of misinformation. You obviously don't know much about the whole of Point Cook. Swamps towards the Saltwater Coast side yes, a large part isn't! Your point about investors is also very vague! Btw what points are you trying to make? Double brick homes no matter where you are building aren't the norm. Timber frames seem the norm unless you get a vacant lot and build with steel. Too far from CBD? Really? To me that sounds more like Cranbourne or Berwick!
Too far from CBD? Takes me 20mins to get there just before peak and 15 on Saturdays. I get to docklands and NGV from my driveway to carpark 20mins on average weekly afternoon with all current roadworks on the M1. We lived in Carnegie previously which was 12klms from the CBD but took forever to get there, not to mention in and around the suburbs. Love the accessibility to everything where we are.
20mins just before peak and 15 mins on weekends, ha ha ha no chance. It took me 15 minutes just to drive to our local shopping centre and playcentre (Hijinx) and park, and we lived virtually across the road and around the corner from both, everywhere surrounding and within Point Cooks bubble is difficult getting to.
Many different opinions are available why prices go down or up in any suburb, often (and I have seen this in a few suburbs) when things go down, it may be a sign that they were too high to start with and people who rushed to buy (before they went up further) may have paid too much....then find themselves having to sell for one reason or another, and to secure a quick sale, any agent will tell you, set it low and watch it go!
With interest rates at record lows, (e.g. 4.69% fixed 2 years) now is the time to buy if you are in the market, or perhaps even look at restructuring your current home loan if you are paying more than this!
Help is just a phone call away or drop me a quick email :)
Good luck with it
The selling market has been effected everywhere. However point cook seems to have had a harder hit because there is just so much to choose from. In saying that the market does seem to be improving and buyers confiedents is showing
buyers have too many option these days but in saying that they are starting to go up slowly
All Australian real estate price has decreased in the past year, we are going through a cycle, theres always a low, then it goes crazy for another 2 years, I predict this will occur from December onwards this year. Get yourself some real estate while the prices are low, they will never be this low again! History can tell you that!
.. until you goto Hawthorn/Kew/Canterbury/Surry Hills/etc.. (all around there) and prices are still crazy :( It's killing me :( <-- I'm in the market to buy .. but can't afford these prices, still :(
Massive supply on the market in Melbourne, prices are going to drop everywhere.
LOL, Are you a hopeful? Keep hoping, you will be left behind