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City of Merri-bek: Star performer for annual price growth

Real estate & property news
20 June 2024
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Affordability, school zones and community spirit drive demand

The northern City of Merri-bek, is among Melbourne municipalities leading the way for the strongest annual property price growth.

The northern suburbs of the region, formerly the City of Moreland, recorded a median house price rise of 5.5 per cent to $770,000, in the 12 months to March this year, according to the Domain House Price Report.

A low supply of properties for sale and the high demand for quality homes are pushing up prices in the region, according to Barry Plant Glenroy Officer-In-Effective-Control Roy Khoder.

“There is limited stock on the market,” he said.

“And good properties that are renovated and move-in ready are in hot demand.”

Affordability, good infrastructure and a strong community spirit also fuelled the demand for homes in the area, Mr Khoder added.

All types of buyers were attracted to the region including first-home buyers, downsizers looking for low-maintenance living, and families keen to upsize to their second or third homes.

Mr Khoder pointed to the family oriented suburb of Pascoe Vale, located 10km from the CBD, known for its quality schools, cosmopolitan lifestyle, chic eateries including George Jones, and serene parks.

“Family homes are sought after in Pascoe Vale, because of its easy access to the city and available infrastructure,” he said.

“The Strathmore Secondary College zone is also a drawcard.”

A luxury four-bedroom house with three bathrooms at 4B Evelyn Street, Pascoe Vale, was snapped up for $1,306,250.

SOLD 4B Evelyn Street, Pascoe Vale - Facade

“The buyer was a couple with a young child,” Mr Khoder said.

“They wanted to buy in Pascoe Vale to live in the school zone.”

The property is also near Coburg North village shops, reserves and Citylink access.

Mr Khoder said nearby Glenroy had a community feel which attracted young families.

“This suburb is community-oriented and highly coveted,” he said.

It offers the Moonee Ponds Creek walking trail and transport links, including three train stations, and arterial roads that provide easy access to the city and airport.

There was strong competition among buyers in the area and many auctions attracted multiple bidders, according to Mr Khoder.

A young couple paid $1.15 million to win the keys to the elegant four-bedroom house on 924sq m at 78 Moonee Boulevard, Glenroy, which features gated access to scenic valley trails.

SOLD 78 Moonee Boulevard, Glenroy

“This elevated family home on a big block with beautiful views sold well beyond expectations,” Mr Khoder said.

Hadfield is another suburb in the region that is popular among buyers for its trendy cafes, West Street village shops and Merlynston Creek recreational areas.

A sleek brand new four-bedroom three-bathroom house at 6B Halsbury Street, Hadfield, sold within the seller’s expectations for $1.2 million.

SOLD 6B Halsbury Street, Hadfield

“This property is set right on the Pascoe Vale border,” Mr Khoder said.

“It was a great opportunity for family buyers wanting sophisticated living in a vibrant location.”

Other top performing municipalities for price growth included Banyule, up 9.5 per cent to $1.04 million, Knox (5.6 per cent to $950,000), and Whitehorse East (5.4 per cent to $1,222,500).

Real estate & property news
20 June 2024
Save Article

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