Donnybrook is among more than a dozen suburbs across Melbourne’s north where house prices have increased in 12 months.
The median house price in Donnybrook has grown 4 per cent to $650,000 in the 12 months to June this year, according to Real Estate Institute of Victoria data.
Neighbouring suburbs with price hikes include Mickleham where the median price jumped 2.7 per cent to $683,000, Kalkallo (1.6 per cent to $650,000) and Roxburgh Park (0.7 per cent to$637,500).
Located in the City of Whittlesea, Donnybrook is a flourishing suburb studded with new residential estates.
Its affordable array of modern homes and diverse block sizes are attracting buyers, according to Barry Plant Craigieburn sales manager Damien Crivelli.
“There is so much land available here ranging from 150sq m to 800sq m blocks,” he said.
“And there are six estates with two more being developed in the next 12 to 18 months.”
First-home buyers, investors, upsizers and downsizers are snapping up vacant blocks and established townhouses, single-storey and double-storey dwellings, and showpieces on large allotments.
In the Platform Estate, a first-home buyer paid $530,000 for a four-bedroom townhouse at 15 Darling Street, built less than a year ago near the train station.
“We received three offers after three weeks of listing the property and it sold above expectations,” Mr Crivelli said.
The suburb offers a V-Line train station, bus services, parks, a hotel circa 1863, café, cheesery with a restaurant, and easy access to freeways.
Donnybrook is earmarked for more infrastructure development, including shopping and medical centres, according to Mr Crivelli.
At 22 Brotus Way, located in popular Katalia Estate, a four-bedroom house sold for $625,000 to an investor attracted to the suburb’s growth potential and strong rental returns.
“It took just one week to find a tenant, who is paying $460 a week,” Mr Crivelli said.
First-home buyers and young families wanting to upsize are eyeing the new listing at 1 Elsie Street.
Only six-months-old, the four-bedroom house is up for auction on August 19 with $600,000-$660,000 price hopes.
Donnybrook’s sister suburb, Kalkallo, has the same median house price, and offers primary and grammar schools, parks and sporting fields.
“Kalkallo is also earmarked for infrastructure development, including shops, a train station and hospital,” Mr Crivelli said.
The burgeoning suburb is home to Stockland’s Cloverton Estate, which is set to be the largest master-planned community in Victoria.
In the estate, a chic three-bedroom townhouse at 6 Fuchsia Walk, sold to a first-home buyer for $525,000.
With a park at its doorstep, the low-maintenance property without owner’s corporation attracted multiple offers, according to Mr Crivelli.
“It is in a prime location near schools and a short distance to Merrifield City shopping centre,” he said.
Mr Crivelli expected at least half a dozen properties to hit the market in Kalkallo next month.