In the heart of a rapidly growing area, it has everything a family needs – a great environment, numerous shopping, recreational and educational facilities. And a stylish lifestyle. Strong growth area with its population increasing about 8% a year, the city of Wyndham where Moorookyle is located, is the second fastest growing local government area in Victoria.

Wyndham is an area in demand. By 2011, the city expects to have a population of 145,000, compared to 87,141 in 2001, the date of the latest census. Shopping There are several major retailing centres in the area. Werribee Plaza has more than 200 specialty stores, major supermarkets and department stores. Wyndham Village Shopping Centre has Coles, Aldi and 42 specialty shops.

Transport

A combination of trains, local bus routes at your door, and the fast Princes Highway, provides convenient access to the CBD and other areas of interest. Hoppers Crossing train station is nearby. Melbourne CBD is just 24 kilometres away and Port Phillip Bay is 17 kilometres. Popular Torquay is just a 70- kilometre journey.

Education

There are numerous educational facilities including Thomas Carr College, The Grange Secondary College, Werribee College, Westbourne and Williamstown Grammar Schools.

Several excellent primary schools are also nearby, such as St James, Cambridge and Derrimut Heath Primary schools. Naturally, childcare centres including an ABC Learning Centre, kindergartens and pre-schools are also handy to Moorookyle.

The city of Wyndham is a 500 square kilometer area of coastal plain wedged between two of Victoria’s biggest cities – Melbourne and Geelong. Tarneit is about a 25 kilometer, 25 minute drive into the city of Melbourne.

The greater Wyndham area generates both significant agricultural production and houses industrial and technology parks. The area also includes historic homesteads and cutting edge housing set within landmark integrated residential resorts, traditional market gardens and a number of modern shopping centres.

Tarneit is a developing region within the fast growing City of Wyndham. While the bulk of new development in the area is predominantly residential, social facilities and amenities are also quickly being added with schools emerging and the Wyndham Village Shopping Centre recently being completed. Tarneit also enjoys proximity to the established amenities of Hopper’s Crossing and Werribee.

Population and Landscape

Results of the 2001 Census show the Wyndham local government area is dominated by family households (about 66%), with these typically made up of adults aged 25-44 and children less than 15 years of age.

Incomes in Tarneit are equivalent with Melbourne averages. Tarneit is a typical new home market, featuring high degrees of detached housing (nearly 90% of all homes), with these homes largely occupied by owners who are in the process of paying them off (about 76%).

Population Growth

Population growth in the City of Wyndham is extreme, with the city enjoying the mantle of both the fastest growing city in Victoria and the largest growth. The city’s population grew by nearly 7,900 in the year to 2005, reflecting an increase of 7.3% for the year. Nearly 20% of the total population growth within greater Melbourne occurred within Wyndham.

Similarly, northern area of the city containing Tarneit has shown strong population growth since 1991, with the rate of increase accelerating over the period since 2001. Over this time, the population has increased by an average of about 3,200 residents per annum, about 50% higher than the long term average increase.

Further, it is estimated that the immediate Tarneit area has increased from a population of about 579 in 2001, to a current figure of about 4,700. Population growth over the year to mid-2005 was nearly double the average level of population growth.

Over the next five years the population is tipped to increase at an enhanced rate to reach 11,400 by 2011, demonstrating growth of 45% per year over a ten year period, and a population increase generating demand for in the order of 300-400 new homes per annum.

Housing Price Growth

Since 2001, the median house price for the City has increased at a rate of 11% per annum, with the increase in median land price eclipsing this at 15% per annum, reflecting the tightening of supply in the market. Current new house and land packages in Tarneit reflect a median price of approximately $280,000, with land in new estates at an average asking price of about $120,000.

New housing
Wyndham Council report that over the five years to 2005 there were an average of just over 2,200 new residential lots released to the market, with this figure closely matched by the average number of building approvals achieved over the same period. However, over 2005 these two measures showed strong divergence. While the number of new lots sank to 1,480, just 66% the average result, number of building approvals, at 2,276 mimicked the average result.

While the medium term suggest a mild undersupply approaching, the experience of the last year shows that land supplies are being quickly eroded, with further releases necessary to meet current demand.

Rental Market

The rental market in Wyndham features a median rent for a three bedroom house of $205 per week. An on line search of three bedroom homes currently for rent in Tarneit shows a higher median of $235 per week, with new homes a still higher median of $245 per week. Asking rents on individual three bedroom homes reach up to $260 per week in the current market. This data suggests that new homes in the Tarneit market should be capable of achieving gross rental returns over 4.8% in todays market.

Market Future
The importance of the Wyndham and Tarneit areas as high growth centres has been recognized by the State Government and a range of specific growth management plans addressing:

• the preservation of green space
• upgrades to transport networks
• the provision of further community facilities such as schools and community centres
• the maximization of the significant role of the area as a major employment centre, with scope for expansion.

Population & Demographics

Population (June 2005):
Tarneit : 3,344
City of Wyndham : 115,532
Melbourne (SD) : 3,634,233
Population Growth
(since June 2001):
Tarneit (since ‘01): 55% pa
City of Wyndham: 7.3% pa
Melbourne (SD): 1.2% pa
Forecast Population Growth (to 2011)
Tarneit: 35% pa
City of Wyndham: 5.2% pa
Melbourne (SD): 0.9% pa

Price Growth
Median House price 2005 -$225,000
Average price growth per annum (2001-2005) 11% per annum.
Rents and Returns
3 bedroom house median rent: $205 per week
Current new house asking rent: $230-$350 per week
Current new house return: 4.8-5.0% (gross return)

New development
Medium term analysis shows the market in tight supply, with more recent history showing house approvals exceeding new land releases.
Market Highlights:
- Wyndham continually one of the fastest growing cities in Victoria
- Area supports a range of age groups and household types
- Landmark lifestyle resort communities
- Maturing and diversifying market, from first home buyers to down sizing empty nesters
- Proximity to the ocean and protected coastal parks.
- Proximity to Werribee and Hoppers Crossing employment node
- Recently completed Wyndham Village Shopping Centre