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Asian demand in upward spiral

Large numbers of Chinese and Hong Kong homebuyers have boosted the median house price in Knox’s western suburbs over the past five years, a local expert says.

The value of property across all Knox suburbs has grown by more than 50 per cent over the past five years, according to last week’s Real Estate Institute of Victoria figures.

The biggest movers were Wantirna and Scoresby, which recorded 75.3 per cent and 72.2 per cent increases respectively over the past five years.

Local real estate agent Ray Abley said the main reason for the growth was due to a greater number of Asian families and investors moving to the area.

He said a greater number of aspiring buyers from Hong Kong and China could no longer afford properties in Box Hill and Glen Waverley and had since turned to more affordable and nearby alternatives in Knox.

“There has been a really high demand from people from these backgrounds and that’s probably the main reason for the rise,” Mr Abley said.

Barry Plant Rowville director Brenton Wilson said both Wantirna’s and Scoresby’s proximity to schools, EastLink and employment were also major factors in the growth.

Both he and Mr Abley attributed rises in Bayswater over the past 12 months (23.8 per cent) to a number of new developments in the area, especially around Scoresby Rd.

Mr Abley predicted prices to skyrocket around the new Harcrest development in Wantirna South over the next 12 months.

Source: Where I live – Knox Leader News