President of the Real Estate Institute of Victoria (REIV), Leah Calnan, shares her top picks under $750,000 based on REIV sales data from the December 2020 quarter.
“It’s a fast-moving market at the moment”, says Leah. The rise of outer Melbourne and regional Victoria suggests that buyers are leaning towards suburbs that offer bigger blocks and lifestyle options.
Let’s take a look at Leah’s top Melbourne suburbs.
Leah comments on how this northern suburb has become popular with first home buyers and investors as infrastructure continues to grow.
“It’s a really interesting suburb because it borders Gisborne, which is part of the Macedon area, so there is a whole level of lifestyle attraction in and around Sunbury.”
The median house price in December 2020 was $572,500, which is a 7.3% increase over the previous quarter.
“It’s probably my top pick to watch over the next few months,” says Leah. “It’s an established suburb and has probably flown under the radar for some time.”
Kilsyth is 36km from the city and is close to the Dandenong area, so buyers have access to larger blocks of land at an affordable price. It also sits between more expensive suburbs like Montrose and Croydon, so Leah suspects that buyers turn to Kilsyth as the next best suburb.
The median house price is $720,000, and there’s been an 8.3% price increase since last quarter. For units, the median price is $630,000, and there’s been a 5.0% quarterly increase.
Leah explains that although this suburb may come as a surprise to those familiar with the area, property sales are increasing due to its proximity to Dandenong – a nearby suburb that’s growing commercially and offering more employment opportunities.
“The attraction for Noble Park would be that it’s close to the freeway and has larger blocks of land,” says Leah.
The median house price is $705,000, and which is a 6.0% increase in the quarterly median. For units, the median price is $510,500, and there’s been an 8.6% quarterly increase.
One of Melbourne’s more established suburbs, there are few reasons why it's a hotspot for 2021.
Starting with the location, Leah explains its proximity to popular suburbs like Baxter and Pearcedale are turning buyers to this area. Secondly, it’s close to the Mornington Peninsula Freeway, so it’s great for buyers looking for an easier commute. And lastly, Leah explains that it caters to buyers with different budgets, “It has a blended type of dwelling, like units, houses and some larger lifestyle blocks”.
The median house price is $695,500, which is a 7.0% quarterly increase. For units, the median price is $525,000, and there’s been a 19.2% quarterly increase.
Affordability is the main selling point for this western suburb, Leah explains, “to be able to purchase a property under $600,000 is very attractive, and it qualifies for the first home buyer incentives as well”.
Leah continues to explain that from local government investing in the nearby marina and upgrading the nearby freeway, it’s all added to the reasons behind the increase in sales.
The median house price is $533,000, and there’s been a 16.9% increase since last quarter.
“Other areas also have a lot of activity, like Baxter and Hastings. They fly under the radar because they aren't on the beachside,” says Leah. She explains that these areas have bigger properties available and larger block sizes for those looking to build.
“Again, looking at the different suburbs of Geelong. Geelong has a lot of suburbs – we’ve seen a tremendous amount of property growth, in and around.”
“Whether you’re an investor or first home buyer, or looking to upsize or downsize – you absolutely need to be on the database for the agents within the areas you’re looking to buy in.”
“You need to make sure that they know what you’re looking for and that you’re on their database.”
As the Melbourne property market continues to move quickly, Leah recommends that if you’re interested in a property or a particular area, it’s good to go to a few auctions and do your research.
By going to a few nearby auctions, it’ll give you a better idea of how much a property might sell for and how quickly it might sell too.
Leah urges buyers to think about how their next property move might impact their day-to-day, particularly around commuting to work.
“You might think it’s a great deal to move further out, and if your employment allows you the flexibility to work two or three days a week from home, you may find it easier to look for the type of property you wish to reside in. Outer suburbs can often offer larger blocks while others may prefer the lifestyle offered by inner-city living.”
“It’s always important to take into consideration where you are personally with your own property journey.”
“It’s always great to research the suburb, depending on where you are in your life as a purchaser. Are you a first home buyer? Are you a young family? Are primary school or high schools important for the next 10 years, or are you a baby boomer that’s downsizing?”
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