Although some might say that the property boom is over, Melbourne is still performing at a high rate, growing over 10% in 2017 according to CoreLogic’s stats. And there are plenty of suburbs that are performing well above the overall rate. Below are seven Melbourne property growth areas to watch in 2018:
Coolaroo, with a median house price of $465,000, will buy you a home with good public transport links close to the airport. It’s near the bush too, with Broadmeadow Valley Parks and Greenvale Reservoir close by, making it a desirable location for tenants and buyers alike. In 2017 it had a 100% clearance rate at auction, showing the strong demand for properties in this area.
Ranking second (after Melbourne CBD) for most sales of houses and apartments combined in 2017 was Pakenham. Despite being 65 km south-east of Melbourne, the median house price in Pakenham is $475,350, with a housing stock of mainly new-build estates.
35 km from the city centre and boasting excellent transport links to the city and Docklands, and easy access to the airport, Melton South is one of the fastest growing suburbs in Melbourne. With 11 new suburbs slated for the Melton area, its auction clearance rate increased over 400% from 2016 to 2017.
With direct connections to both Melbourne and Geelong, Werribee is fast becoming a favourite with both buyers and renters. The auction clearance rate grew from 34 auctions in 2016 to 260 in 2017 (a 665% increase) – indicating just how sought-after it is becoming.
People are finding that Frankston North – once considered the rough end of town – has plenty of charms. Frankston North property growth in 2017 was impressive – median house price grew by 38% in 2017 to a median of $434,183 – this quiet beachside suburb is fast becoming a magnet for young professionals and is one of the most affordable suburbs in Melbourne.
For those with more cash to splash, bayside Arthurs Seat on the Mornington Peninsula saw growth of 49% in 2017 to a median value of $1,091,341. It may be 75 km from the CBD, but this beach town is packing a punch when it comes to return on investment.
One of Melbourne’s more affluent inner east suburbs, Kooyong, recorded a 48.7% growth in median house price to $3,369,716 in 2017. That price may be a bit too high for most investment portfolios, but the growth rate is still worth noting
Planning to invest somewhere in Melbourne in 2018? Speak to one of our Melbourne real estate agents to get the inside track on the fastest growing suburbs in Melbourne or view our Melbourne property listings.