Sunshine and St Albans – one of the ideal investment areas in Melbourne
Many suburbs have never had a reputation but are now considered as promising areas to invest in Melbourne.
Australian real estate is increasingly attractive in the eyes of investors, especially Melbourne real estate because of steady growth and the demand of large immigrants. Therefore, the central area of over 10 km is the ideal destination for investors.
Accordingly, analysts of the real estate belonging to research firm Real Estate RiskWise Property Review called places like Sunshine West, Albion, St Albans, Kings Park and the Keilor Downs are the prospective areas of sustainable growth.
Because these areas have affordable housing, low vacancy rates, limited housing supplies, and improved infrastructure,
“Stigma” in these areas is beginning to shift, and the real estate market is beginning to pick up, says Melbourne real estate consultant Frank Valentic. More potential for investors in Melbourne.
Mr Valentic said: “Although some people will not buy housing near the West Gate Bridge, but the area is growing significantly, with conveniently located near the city center of Melbourne, just in the range of 14 -19km. You will see many families and young professionals in the real estate industry buy houses in these locations. ”
Besides, the company RiskWise Property Review, an overview of the housing market in Melbourne is at risk “from a low to average” for investors, and market assessment unit in Melbourne jaw The risk is moderate.
These assessments are based on factors such as affordability, loan tightening regulations, employment numbers, demographics, and economic conditions.
However, CEO company RiskWise Property Review, Mr. Doron Peleg, pointed out that the western region of Melbourne is the best area to invest in Melbourne, because housing prices in this area more rational than House prices in East Melbourne.
Mr Peleg said that if investors set foot in the West Melbourne housing market, their investment would grow in the medium to long term.
According to Peleg, both in suburbs including Sunshine West, Albion, St Albans, Kings Park and the Keilor Downs have average house prices lower than average house prices across Melbourne, with the risk of oversupply Housing is low, and only a few are scheduled to be built in the next two years, while demand for rental housing in these areas is high.
Allegedly, Peleg, Valentic, said the suburbs would continue to be reasonably priced and profitable for Melbourne investors.
The median home price in Keilor Downs has tripled from $ 213,000 to $ 650,000 in the past decade, according to Victor Valuer General, a real estate valuer and CoreLogic. .
The average home price has soared in the Albion (from 235,000 AUD to 660,000 AUD), Sunshine West (from 235,000 AUD to 615,000 AUD), St Albans (from 217,000 AUD to 606,000 AUD), and Kings Park from AUD $ 213,000 to AUD $ 520,000) during the same period.
Annual increases were reported at 20.6% at Sunshine West, 13.3% at Albion, 21.2% at St Albans, 28.6% at Kings Park, and 17.1% at Keilor Downs.
Valentic said large-area homes would offer the most favorable prospects in these areas, while ground-level units would also provide a stable outlook.
Mr Valentic added that the northern suburbs of Melbourne, including Thomastown, Lalor, Epping and Reservoir, are the next great options for investors in Melbourne.
On the other hand, Peter Kay Real Estate Broker Douglas Kay Real Estate estimates that the Sunshine and Albion regions are land markets that are attractive to investors in Melbourne, while buyers The home has reduced attention to other areas in Melbourne and Sydney.
“In the last 12 months, we have begun to see a decline in demand for homes in Sydney, in the context of a weakening market,” Kay said. In contrast, favorable traffic conditions and easy access to the highways in Sunshine and Albion, along with large blocks of land with the potential to be fragmented for development in these areas, have attracted the attention of many. home buyers.
Here are some tips for investors in Melbourne:
– Make a coffee shop check: You should enjoy coffee at a local coffee shop, and watch the traffic flow on the street to get a general assessment of the area. the suburbs you want to buy a house;
– Set a goal of buying a house with parking and a north facing front, within walking distance of main roads, schools and shops;
– Do not buy a B-type home, such as a house close to noisy areas;
– The condition of the home should be above average, unless you intend to upgrade the home, but you will suffer significant losses;
While interest rates are low, it is important to realize the potential for medium or long-term profitability of a home;
Keep in mind that your home will sometimes be vacant, so you need to make a backup to prepare for those gloomy days.
These are great tips for investors in Melbourne and choosing the right investment location.