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3 Suburbs to Watch in Melbourne

Posted on 6 June 2015

2015 has seen continued growth in Melbourne, with the property market said to be “in the best shape since the boom of 2009,” according to Domain Group senior economist Andrew Wilson. Auction clearance rates have been the talk of the town recently, with a newsworthy high of 83% reported on May 23, and the latest reduction in interest rates adds a further boost to the housing market.


However, as winter approaches, so does a lull in the market, with fewer listings and auctions not heating up again until the warmer weather of spring. Despite the slowdown, this could well be a good time for home buyers to break into the market, with fewer buyers around and vendors motivated to sell.


So where should you be looking? Grab your wish list, Melbourne and her suburbs are waiting.


1. Mount Waverley / Glen Waverley


According to Smart Property Investment, investment growth in Mount Waverley is tipped to continue for the remainder of the year, with interest being fuelled by buyers seeking leafy streets and a quiet locale. Neighbouring Glen Waverley is also listed as one to watch, with Andrew Wilson noting the area could rise over the next 12 months. Families looking for progressive areas and good schools are driving growth in this area. Both suburbs are also within easy distance of the city and have good public transport links, another important factor that is fuelling growth.


2. Bentleigh/Beaumaris

 

Bentleigh, once known as the poor cousin of Brighton, is leaping ahead with quaint shopping precincts, while Beaumaris has the coastline as the jewel in its crown. However, it is not only developing shopping strips and beach access that make these two suburbs hot right now. Again, both have many quality schools located within their zones and adequate family amenities. Easy access to public transport, particularly the rail network, is also a factor. So is road access to the city via the M1. There are more than enough reasons why these two suburbs are being sought after as places to call home.


3. Essendon


Located to the north-west of the city, Essendon may not yet be topping the hottest suburbs list, but it is tipped to do so in the not too distant future due to a number of key factors. According to Smart Property Investment, Essendon will be a key player not only due to its proximity to the city (10km), but also due to it boasting some quality Victorian, Edwardian and Federation architecture.


Coupled with the fact that Essendon is also home to some of the city’s finest private schools, those choosing to buy and invest in the suburb will likely prosper in the future.


Other suburbs of note include Newport, Preston, Coburg North, Footscray and Kensington.


Don’t forget building inspections in Melbourne


If you are looking at buying in Melbourne, seeking out the suburbs that are booming or tipped to boom is of course an important consideration. Boom suburbs usually align with developing infrastructure, such as schools, amenities, shopping facilities and continued development of public transport and road networks.


However, apart from the location, there are other things to take into account when deciding where to buy. These include the distance from where you work for example, and the sort of amenities you require. Additionally you need to consider the property itself, and whether it will not only meet your current needs, but will also grow with you.


Going in prepared with pre-purchase building inspections to make sure the property is structurally sound, and consideration of future changes that might be required, can help make sure you end up with a property that suits your requirements, whether in a boom area or not.

 

By Darel McBride

 

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