A suburb in Melbourne’s outer-west has joined some of Melbourne’s most prestigious postcodes to become one of city’s biggest property markets of the year by value.

Buyers have spent almost $485 million on houses in Point Cook this year, putting the suburb in fourth place for total value of sales, behind Brighton, Glen Waverley and Kew, according to a CoreLogic analysis.

Real estate agent at P. Di Natale in Point Cook, Craig Vilcins, says the area is “certainly taking off, especially since the restrictions have been lifted”.

“We’ve been inundated by buyers,” he told Stephen Quartermain and Tony Jones, filling in for Neil Mitchell.

“There’s a lot of new build homes out in Point Cook … a lot of people in the first home buyers market are looking to buy those types of properties.”

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Meanwhile, in regional Victoria, Ocean Grove tops the list for the largest property market of the year by value.

About $305 million worth of property has been sold in the beachside suburb this year.

CoreLogic head of residential research, Eliza Owens, says Geelong traditionally dominates the list for the regional market.

“That list of top suburbs is really dominated by Geelong, both across houses and units,” she told Tony Jones, filling in for Neil Mitchell.

“During the pandemic we have seen a trend of people leaving Melbourne for regional Victoria and Geelong has long been a region that has attracted migration internally in Australia.”

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