Darebin, Brimbank, Whittlesea, Wyndham and Monash suburbs are touted as Melbourne’s next growth corridors, new research shows.
Prices are expected to soar in these areas that boast new infrastructure developments, quality schools and public transport upgrades, according to Terry Ryder of property research website Hotspotting.
“Major infrastructure projects generally make the areas more appealing, but there’s also a considerable amount of jobs they bring,” Mr Ryder said.
Job opportunities will assist in long-term growth.
The City of Brimbank, the second largest municipality in Melbourne, has experienced major infrastructure developments, with more proposed in the near future, including the $10 billion Melbourne Airport Rail.
With the median house price rising in the past 12 months from $575,000 to $600,000, Deer Park is a haven for first-home buyers seeking affordability and growth potential, he said.
“This area is only about 20km from the CBD, which is a quick and easy commute by road or rail,” Mr Iskander said.
“And it offers a wide range of homes from new developments and modern apartments to established houses and period homes.”
Most suburbs in the inner north municipality recorded double-digit growth in house and unit median prices over the last 12 months.
“Demand is going through the roof in these suburbs, and strong competition for the low supply of homes is pushing up prices,” Mr Magliolo said.
Hotspots include Preston, Northcote and Thornbury, which offer buyers value for money and everything from modern one-bedroom apartments to double-fronted period homes on larger blocks.
“The dollar stretches further here compared to suburbs within the same distance on the other side of the CBD,” Mr Magliolo said.
Affordability and the semi-rural lifestyle are attracting buyers to suburbs in the City of Whittlesea.
“Prices have gone up substantially in the past 12 months,” Mr Nestor said.
The median house price in Epping has grown from $565,000 in July last year to $600,000 in June this year, while in Wollert, the median house price is at $587,500, rising $17,500 in 12 months.
“There has been strong infrastructure developments in these areas, particularly in Epping, which is transforming into a thriving outer Melbourne hub,” Mr Nestor said.
The Hotspotting report also identified regional Victorian centres for continued growth, including Warrnambool, Bendigo, Shepparton, Mildura and the Latrobe Valley.