Why young families are charging up the hill to Wandana Heights
Wandana Heights is experiencing a changing of the guard with a new wave of young families snapping up big homes on the hill.
McGrath agent David McGuinness said he was selling properties for empty nesters looking to downsize after raising their children in the family-friendly area.
“A lot of sellers are now finding themselves in monstrous homes with huge backyards and swimming pools but their children have grown up and gone,” Mr McGuinness said.
“A lot of the homes that were built 20 years ago are too large for them now.”
Median house sale prices have been growing steadily in the suburb in recent years.
CoreLogic reports the median house sale price for the suburb is now $702,000, which represents a five-year growth of 28.9 per cent.
It is also a tightly held suburb, with the average hold period 13.8 years.
Mr McGuinness said property prices in the area had not slowed down with young families keen to purchase homes in the suburb next door to Highton.
A high-end property on an impressive 1900 sq m block at 43 Grosvenor Drive sold for $1.35 million in February this year.
“In some cases the families are renovating the home and updating the home,” he said.
“I guess it is a nice, quiet area with the ring road close by which makes it attractive to people who are looking to commute to Melbourne.”
He said the Wandana Heights buyer was also interested in properties in the Highton area.
“These are buyers who are not first-home buyers, they are people who are looking for the next size up for their family,” he said.
Originally published as Why young buyers are charging up the hill
Article originally appeared here: https://www.news.com.au/finance/real-estate/melbourne-vic/why-young-families-are-charging-up-the-hill-to-wandana-heights/news-story/c3e562fe5e65e9f76fcca4d25c4fd269