A quarterly report recently released by RPM Group has revealed that lot sizes in Wyndham (and other areas of the western growth corridor) are diminishing.
The report also states that the western growth corridor has maintained its prevalent percentage at 42% market share while Wyndham’s 28% annual growth was the biggest contributor to this increase.
Across the corridor, new supply increased by 61% annually to 2,478 lot releases in the fourth quarter of 2021 across 97 active estates.
The average time spent on the market was 46 days, which is the longest across all growth corridors.
Median lot sizes in the Western Growth Corridor diminished by a further 5.1% to just 356 sqm, which is notably smaller than any other growth corridors.
This has led to a moderate 3.1% quarterly rise in the median lot price, and the highest price growth per square metre.
Owner-occupiers represented 71% of purchasers in the Western Growth Corridor, with 62% of those first home buyers. Purchasers aged between 25 and 54 represented 93% of buyers, with 60% of all buyers couples with children – the highest among all growth corridors.
Two-thirds of all purchasers recorded a household income between $60,000 and $140,000, reflective of the age demographic of buyers.
Double-storey homes were most popular, with 54% of purchasers considering this build style, although this did not increase construction costs, with 31% of buyers intending to spend between $250,000 and $300,000
Source: RPM Real Estate Group.