By Guest Blogger, Terry Ryder, founder,
hotspotting.com.au and propertyU
Hotspotting’s recent analysis of the Melbourne market confirms the strength of the city.
Melbourne has been declared the most locked-down city on the planet and the Australian city most afflicted by restrictions impacting on real estate markets.
Our latest survey of sales activity included the period of the most recent Melbourne lockdown which extended from early August through to late October. We identified 153 suburbs which managed to maintain upward momentum with sales activity, despite all the restrictions. This is the third highest total of rising suburbs in the six years we have conducting these quarterly surveys.
In the circumstances, I think it’s surprising that Melbourne has maintained such healthy levels of sales activity and an even more impressive performance on price growth.
Around 95% of Melbourne suburbs have recorded growth in their median house prices in the past year and 97% have had growth in the latest quarter. Only nine suburbs across the Melbourne metropolitan area have experienced a decline in median house prices in the latest quarter.
Overall, Melbourne prices have grown 19.5% for houses and 9% for apartments in the past 12 months, according to CoreLogic data.
Some precincts across the Melbourne metropolitan area have delivered excellent results in our latest sales survey. The common feature of most of the well-performed areas is that they are the more affordable end of the Melbourne market.
Against that background, here are seven suburbs in Melbourne with good growth potential. Their common feature is that they offer a degree of affordability with a variety of attractive features.
Cranbourne $600K to $650K
Median House Price $575,000.
The people are friendly (suburbia), it's got a number of great amenities with local grocery stores, cafes, restaurants, parks, massive Cranbourne Home centre with lots of shops etc. Close to the train station so it's easy access to the city for work. Once they extend the train line to go straight to the airport, Cranbourne will be an even more popular suburb to live in as it will be even more accessible to everything. It's helpful that they are also doing the level crossing removal at Cranbourne train station.
Overall, a family-friendly area that has a good mix of younger couples, couples with kids, and older adults. Good long-term investment.
Croydon $600K to $900K
Median House Price $867,500
There is an abundance of trees and magnificent views of Mt Dandenong. Within a 10min walk of central Croydon, there is everything you need - supermarkets, shops, cafes, post office, library, swimming pools, gyms. Recreational facilities are excellent - there are several large parks here and Mt Dandenong is not far away. Great access to the city via train/Eastern Freeway. Very green and leafy at the base of Mt Dandenong.
Plenty of beautiful streets with lovely homes. An extensive choice of primary and secondary schools including private/state/catholic/alternative. Still a bit rough in areas and the Main Street could do with a facelift but it’s on its way to being gentrified.
Belgrave $600K to $900K
Median House Price $750,000
This area is great for parks and recreation, neighbourly spirit, peace and quiet, public transport and its general “clean & green” feel. Residents include families with kids, professionals, singles and country lovers.
Belgrave borders on the Dandenong Ranges National Park on the eastern fringe of the Melbourne metropolitan area. There are numerous schools and colleges in the general area.
Ferntree Gully $600K to $900K
Median House Price $807,000.
This suburb is part of the Knox municipality, one of the more buoyant sections of the Melbourne markets, helped by good value for money. It offers views of the mountains and easy access to trains and buses. East link means Frankston or beach is 20 mins away and city is 40 mins. Bush walking in a national park is available nearby. Cottages and tourist spots for Devonshire teas at Olinda and The Dandenong’s only 10 minutes away. Plenty of schools, with TAFE and university campuses close by. For retail, Knox City about five minutes away.
This precinct is considered great for parks and recreation, schools, and medical facilities, ideal for people who value safety and peace & quiet. Residents include families with kids, professionals, retirees, single and members of the LGBTQ+ community.
Melton $450K to $650K
The Melton LGA has a busy market because of its affordability. Virtually every suburb is classified as a rising market in our latest quarterly survey of sales activity. The area offers large blocks at affordable prices, plenty of activities, good access to Melbourne (30 minutes from the CBD), Geelong and Ballarat, good public transport, ample local facilities and the prospect of good re-sale value.
This market is popular with singles and families with young kids.
Frankston South $900 to $1.5M
Median House Price $1.050M
The City of Frankston has been a busy market for several years, because it offers relative affordability close to the bay, with good amenities and transport link. Frankston South is at the higher end of the Frankston market, on the fringe of the Mornington Peninsula (it can be referred to as “Mount Eliza North”). It offers fine beaches, access to green spaces (including Overport Park) and an array of good schools. It's considered a safe and peaceful part of the city.
It’s within 20 minutes’ drive of vineyards and is about an hour from the Melbourne CBD. It’s considered a good place for families who want the outdoor lifestyle, great schools, good transport links, peace & quiet and beautiful natural spaces.
Chadstone $1.2 to $1.5M
Median House Price $1,210,000
Vibrant Chadstone is home to Australia's largest shopping centre, which is renowned as a fashion, food and entertainment hub offering a wide range of eateries and cinemas. It’s only 17km to Melbourne CBD and offers good public transport.
This suburb is a good option for students and professionals with Monash University, Deakin University and Holmesglen TAFE within close proximity. Chadstone also offers a balanced lifestyle with good parks and other green spaces, including the popular Batesford and Jordan Reserves. It also has good access to the well-known Gardiners Creek bike trail. Most suitable for families with kids, singles and professionals.
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