The right time to buy a house and invest in real estate in West Melbourne
The plan to become the most populous city by the year 2030 has led to a growing number of Melbourneese immigrants and the housing market has been affected, particularly in the western suburbs.
Nerida Conisbee, a real estate analyst at realestate.com.au, says there are a number of features that make the western region attractive: “The west has changed a lot over the last decade. This is because of the low cost of living, the cost of living is much cheaper than in the East, and many of the elements of life that people like as good public transport, the retail sector thrives. … ”
Executive Director of the Australian Urban Development Institute, Danni Addison, said that credit cards are used more in the region. “The ability to pay is a major factor in attracting home buyers to the western suburbs.” While the median house price in the CBD center now exceeds $ 900,000, there are still some western suburbs where buyers Can own a home less than $ 400,000, “Addison said.
Urban development has also contributed to employment growth in the West, creating more attraction for homebuyers and smart investors.
“These numbers are being refreshed. They tell us there are great opportunities for buyers to look for better opportunities, but when more people realize the value of the West we are sure. Will house prices rise,? Addison said.
Growth potential of West Melbourne area
“Due to the inter-regional integration, the western regions are attracting young buyers, and areas like Footscray have great retail and restaurant outlets with Melbourne CBD. Many new westward residential projects attract buyers – anyone who wants to build their own homes in a new community, “said Conisbee.
The LeadWest regional advocacy group works with six local governments in West Melbourne, large companies and organizations to promote and act to create a sustainable future for the region. In recent years, this area has been a “growing topic” with the explosion of population and the development of new infrastructure being promoted.
LeadWest chief executive Craig Rowley says West Melbourne is a “great opportunity”. “Not only in the suburbs, there are new properties, but also in the central suburbs of Maribyrnong and Hobsons Bay – where the density of apartments is higher.”
However, with too much growth, it is imperative that the needs of the community be addressed – including the provision of health services, educational facilities, employment opportunities and transport options.
“There is a need for health services across regions to keep people’s wellbeing and well-being better for them to be involved, productive and integrated in a community,” said Rowley. mount. ”
“As long as the appropriate government plan, impending growth and regional peace will benefit the community,” Conisbee added.
Transportation area west of Melbourne
Transportation is the key to growth in the West, so it is necessary to increase internal traffic with more efficient train, bus and bicycle connections.
The proposed $ 16.3 million budget for the state of Victoria in fiscal year 2018/19 will be available to help accessible Watergardens and Essendon stations for people with disabilities; $ 50 million was allocated to plan a fast train to Geelong integrated with the West Melbourne Railway.
Passengers on the Ballarat can expect a more relaxed ride – the current work is under way to upgrade the service. Another $ 551.7 million deal for Deer Park West and Melton will create a new urban line for the city.
The upgrade promises additional services during peak times with every 40 minutes of off-peak to cater to the growing population in West Melbourne and Ballarat, in addition to not being prompted. Melbourne, Essendon, Avalon and Melbourne are all located in the west.
Creating jobs and economic growth close to where people live are important factors when it comes to planning for the future of West Melbourne. The West Melbourne Economic Development Strategy is being announced in 2017, which will turn Footscray into a dynamic, athletic and dynamic health and wellness based on the proposed new Footscray Hospital.
The plan also indicates that Sunshine is a potential employment hub for the health, legal and construction industries, while Melton is a prime location for innovation and education. The Victoria budget in 2018-19 spent $ 353.2 million to build 12 new schools across the state – four of which will be located in West Melbourne.
If you are interested in buying property or investing in Australia’s West Melbourne real estate please contact Hotline 0911.899.595 – 0911.899.597 for detailed advice.