Properties in Toorak or Brighton are among the most luxurious in Melbourne, and therefore they are the most sought after and expensive. If they are just a little out of your price range, have no fear, there are a number of other suburbs in Melbourne that are growing fast.
The median property price for a number of suburbs across the city has risen around 60 per cent over the last three years, making them a hot ticket for local and foreign buyers, and predictions suggest growth will continue into 2017.
The highest rated areas are so because of their strong local infrastructure such as shopping centres, access to educational institutions, public transport, multicultural communities, strong commercial districts, and medical precincts, all of which contribute to making them the strongest suburbs in Melbourne with the most consistent growth.
Among the highest growth areas in Melbourne are these suburbs:
St Kilda East
St Kilda East is a small suburb located southeast of the Central Business District. It has a excellent local infrastructure with accessible education and medical precincts, reliable public transport and close proximity to both the city and the beach.
Despite the proximity to the city, a strong community and local economy allows for residents to enjoy businesses in the area itself. Most of the residents of St Kilda East are young independents and maturing, established independents, making up 29 and 26 per cent of the total population of the suburb respectively, giving St Kilda East a score of 9 out of 10 when it comes to hipness, according to Microburbs.
Microburbs also states that the median sale price of houses in the suburb is $1.2 million, while units are at $510,000. Growth in the area sits at 31.79 per cent for houses over the last three years and at 6.64 per cent for units.
Box Hill and its neighbouring areas are experiencing significant growth. According to Microburbs the median sale price of houses in Box Hill is $1.2 million, with three year growth of 68.38 per cent, while the median unit sale price is $480,000 with three year growth of 16.12 per cent. The past year growth alone of houses in the area sits at 10.99 per cent.
Located approximately 14 kilometres to the east of the CBD, Box Hill is well-served by public transport, is a short distance away from a vocational educational institute, and is home to a thriving, multicultural food scene, all of which are helping boost property growth. Box Hill is also home to a significant Chinese population, with data from Microburbs showing that 21 per cent of residents speak Mandarin at home.
The area features a number of older, traditional properties, though over the last few years a number of newer, modern apartment complexes have been developed.
Located in the southeast of Melbourne, Ashwood is a small suburb in high demand, with data from realestate.com.au showing that there are approximately 1474 visits per property on the market in the 2.6 square kilometre suburb, up from an average of 511 across the rest of Victoria.
These visits are translating to high property prices, with a median sale price of $1 million for houses and $620,000 for units. Three year growth for houses is at 53.93 per cent, and units at 17.38 per cent.
The small suburb is home to a couple of schools and served well by public transport to the city and other areas of Melbourne. It ranks 8 out of 10 for lifestyle factors, and 9 out of 10 for families, convenience, tranquillity, communication, and community according to Microburbs.
As such, the suburb is well suited to a range of residents; it is currently home to a fairly equal proportion of younger, middle aged, and senior residents, reflecting its diversity and strong infrastructure to support it.
For more information on Melbourne’s property market, or real estate agent licencing requirements in Victoria, take a look at our blog.