What suburbs in Victoria will grow in 2018?
Investors are now very interested in Australian real estate in suburbs of Victoria with high growth prospects expected in the future.
Domain reporters interviewed real estate professionals and asked whether, in their opinion, what suburbs in Victoria would grow in 2018? As a result, experts said that it was Cheltenham.
This suburb, 18km south-east of Melbourne, has attracted the attention of many investors and contractors in recent times.
“The Kingston City Council has put Cheltenham into a regional reconstruction plan for five to ten years,” said Steller’s real estate expert. The council really wants to renovate this area with bustling shopping streets. ”
Greville Pabst, WBP Property Group’s chief executive, said Cheltenham had undergone a transition, and that the Charman Road route was revitalized. in the last five years.
“There are a lot of cafes and restaurants that have been built, creating the momentum to grow from medium to high levels,” said Pabst.
In addition, the new terminal built at the Southland Shopping Center, opened last November, has had a positive impact. This station will improve traffic and attract more people to Cheltenham.
The suburbs attracted people who could not afford to buy houses in other areas such as Brighton, East Brighton, Hampton and Bentleigh.
The housing market has grown at an average rate over the past three years, and I predict that this trend will continue for the next three to five years. ”
In the past Australia’s property market in New South Wales took the top spot in Australia, now investors are concentrating on the Victorian market. Here the demand is always greater than supply, home prices are again. very reasonable. In parallel, development projects, infrastructure upgrades, and demographic changes are also factors that attract the attention of home buyers or investors in the suburbs of the state.
Another suburban area of interest is Thomastown. Mr. Frank Valentic of Consultancy Company
Mr. Valentic analyzed that you could buy a house for less than $ 700,000 at Thomastown, instead of spending $ 1 million to buy a house in Preston.
Australia’s real estate advantage suggests that first-time home buyers who can not afford a Preston and Reservoir home may start paying attention to Thomastown.
The average house price in Thomastown is currently AUD $ 612,250 – a reasonable option for those with tight budgets.
In addition, Thomastown is only about 16km north of downtown Melbourne, while you will have to travel 40km from the city center if you want to buy a home at the same rate in the eastern suburbs. and South East Melbourne …
According to Valentic, Thomastown has started to innovate, with many cafes and shops appearing on High Street, near an important terminal that was redeveloped in 2011.
Infrastructure construction also includes the upgrading of the second stage hospital, which is expected to be completed by 2021, and the upgrading of the Metropolitan Ring Road Ants will start to deploy this year, which will motivate many people to come to the suburbs.
In addition, experts say that Craigieburn – one of Melbourne’s oldest suburbs – will grow in 2018.
“Many of the traditional areas in Craigieburn have been established since the 1970s and ’80s, so these areas have ancient facilities that many more modern areas do not have.
These suburban attractions include a public golf course, a aquatic center and three new business centers, as well as a mix of old houses and new homes.
These are also features that are hard to find in other suburbs. Another plus point is the convenience of getting to the airport and moving to the inner city.
The average house price in Craigieburn is currently 454,000 AUD, just slightly higher than half the Melbourne average, and below the 600,000 Australian stamp-duty threshold, which is suitable for young families and people. buy first home, “said Pabst
Finally, experts estimate that Armstrong Creek, in Geelong, will grow this year. Suburbanite investment banker Anna Porter said the city of Geelong would be “the next fastest growing region in Victoria.”
“Although the suburbs near Geelong city center are still a viable option for homebuyers, many suburbs away from Geelong city center offer great opportunities for local businesses,” said Porter.
One of the potential suburbs, according to Porter, is Armstrong Creek, about 11km from downtown Geelong.
Porter said the average house price in the area is currently AUD $ 460,000, but buyers are still able to afford a three-bedroom, nearly new home, for less than AUD $ 400,000.
In addition, she encourages homebuyers to consider buying a home here as an investment opportunity from medium to long term.
Infrastructure such as schools, shops and railways will be built and expanded to meet the needs of local people.