Melbourne’s home buyer hotspots

The latest median house price data from the Real Estate Institute of Victoria (REIV) reveals that Melbourne’s top growth suburbs for 2020 continue to be in Outer Melbourne.

Leah Calnan, President of the REIV, explains it all comes down to lifestyle and affordability.

Leah, who spoke at one of our Connect Events, shares her thoughts on some of Melbourne’s top performers.

Melbourne’s top growth suburbs

Strathmore

With the median house price increasing by 22%, Leah says it’s come as no surprise as buyers are looking for more affordable alternatives to popular areas like Essendon.

Sunshine

Leah explains that as this suburb comes with larger blocks of land, there might be a variety of reasons why buyers are turning to this area. With a well-connected train line and only 13km from the city, buyers have the flexibility of renovating or subdividing.

Port Melbourne

With a 30% quarterly change from September to December 2019, Leah expects apartments in Port Melbourne to be the perfect pick for those looking to start small or downsize.

Leah explains that because of the location, buyers are interested because it’s “the lifestyle aspect of living near the beach and the convenience”.

Nunawading

For those looking for a more affordable property, Leah says this suburb is up and coming. Plus, it’s an alternative option for buyers who were previously looking in places like Doncaster or Box Hill.

It may be 25km from the city, but with Nunawading being close to the freeway, it makes commuting easy.

South Morang

“It has a lot more land available and they’ve put a lot more infrastructure, so it’s very attractive for young families and first home buyers.”

Making it a great area for your budget and future property plans.

 

Home buying tips

Chat to a local real estate agent

“Some properties simply just don’t go to market,” says Leah. In some situations, a seller may choose to sell privately and not advertise at all.

A local real estate agent could keep an eye out on potential properties and open doors that would otherwise be closed.

Look at the next suburb over

“If your preferred suburb no longer meets your budget, look at that next suburb. We often refer to it as a bridesmaid suburb,” says Leah.

Consider regional areas

“Just because you work somewhere, it doesn’t necessarily mean you need to live in close proximity.”

Leah explains that with more people opting for flexible working hours, there’s less of a need to live close to work. It allows first home buyers to look beyond the central Melbourne suburbs.

Research each suburb

“Have a look at what the local councils are saying about the infrastructure and development.”

“They’re often familiar with changes to local subdivisions or local council changes. They might also be aware of what changes might be happening at local schools, whether it be primary or secondary. It can make a difference in purchasing a property from a price point.”

“If you’re interested in taking a deeper look at a suburb you can check our stats and historic values on the REIV website.”

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