Chat with us, powered by LiveChat"HOT" Suburbs making an impact in the market

"HOT" Suburbs making an impact in the market

The Barry Plant Group has identified several suburbs as currently experiencing strong growth. They are Mill Park, Rowville and Werribee. These areas are all relatively affordable in outer suburban areas that are well serviced by public transport with easy access to freeways.

"We have seen a big spike in sales in the Mill Park area over the last three months” comments Sharyn Moxon, Office Manager at Barry Plant Mill Park. “This is likely to be due to the wide range of affordable properties available that are centrally located near RMIT and the new university complex”.

Mill Park is an easy 23 kilometres north-east of Melbourne's CBD and with its excellent bus service, the Plenty Road tram line and M80 Ring Road access has loads of commuter appeal. Sharon explains:

“We have seen neighbouring Bundoora enjoying strong growth for a period of time and that interest is now flowing on to Mill Park, driven, in part, by Asian buyers purchasing property for their children near the university. An illustration of how popular the area is was the recent sale of 17 Dunlop Crescent in Mill Park, where our go-to-market pricing was around $620,000. The four bedroom modern property was located in a secluded Mill Park East enclave on a 740sgm allotment. We had over fourteen offers for the property which was later sold for an impressive $765,000. To achieve this result was certainly unexpected.”

Rowville is another ‘hot spot’ that has seen a 7% median price increase in the last quarter. Brenton Wilson, Director of Barry Plant Rowville, believes that Rowville is a good family orientated area to live in. There is good range of affordable quality homes for the first time buyer but it also has properties over the $1 million mark. “We have sold more than ten properties in the $1+ million price tag in the last six months, including two in excess of $3 million. This result is a first for us,” Brenton said.

Werribee, west of Melbourne, is another high growth suburb. “We have seen Werribee achieve a 5-8% growth spike in the last couple of months” Donald McKillop, Director of Barry Plant Werribee, observes.

“Werribee is experiencing a rapid growth and establishing itself as a commuter town in the Melbourne-Geelong corridor. The area appeals to a range of buyers; with its new home and land packages at River Run Estate in Hoppers Crossing, through to Werribee with its more mature, established range of properties.“

Giving an illustration of a property sale that demonstrates the hot market in the area, Donald recalls “The property at 10 Buloke Avenue Wyndham Vale is one that surprised everyone. It was a four bedroom tranquil and contemporary family entertainer. The house was centrally located and had all the features one could hope for. We marketed it in the mid-high $500K’s early this year and sold for an outstanding $610,000.”