REAL ESTATE EXPERTS UNVEIL THE MELBOURNE SUBURBS SET PROSPER IN 2019
- Posted By Prince Lakshman
Suburbs nestled around Melbourne Airport and on the city’s fringe are among the housing markets expected to be the hottest this year.
Melbourne, being the state capital, still remains a buyer’s market in 2019. However, experts agree that sellers in suburbs where prices have lowered last year could still have a chance to nab a great piece of the pie.
According to the Real Estate Institute of Victoria, far outer suburbs Koo Wee Rup, Whittlesea, Sunbury, Cranbourne North, Mickleham and Wyndham Vale are among the markets to shine this year.
These suburbs, with their affordable median house prices- between $485,000-$611,000- are the prime targets for first home buyers, especially that they are buoyed by stamp duty concessions for properties priced below $750,000.
The same could be said for Meadow Heights ($572,500 median), Laverton ($606,000) and Caroline Springs ($646,500).
REIV senior vice president Leah Calnan said a lot of these suburbs’ growth credentials had already been proven last year, with the REIV recording double-digit gains in Whittlesea, Meadow Heights, Koo Wee Rup, Wyndham Vale, Cranbourne North and Sunbury.
REIV rounded out Greenvale ($760,000) to be among the institute’s 2019 suburbs to watch. This is taking into account the suburbs’ improving infrastructure and auction markets.
Realestate.com.au data reveals that these postcodes had large viewership per listing on the website in the final quarter of 2018.
Historically, the rapid rise in activity in these areas is an indication to “far better price growth than the citywide average, according to Realestate.com.au chief economist Nerida Conisbee.
Prices cooling “to a more reasonable level” had been partly responsible for the rise in demand in Airport West and Keilor East.
Accessibility — to public transport, freeways, the airport, and private schools including Penleigh and Essendon Grammar, St Bernard’s College and St Columba’s College — would also lift the markets in 2019.
SUBURBS TO WATCH IN 2019
- Real Estate Institute of Victoria picks:
- Caroline Springs
- Cranbourne North
- Greenvale
- Koo Wee Rup
- Laverton
- Meadow Heights
- Mickleham
- Sunbury
- Whittlesea
- Wyndham Vale
- Realestate.com.au picks (largest increase in demand*):
- Airport West
- Highett
- Tullamarine
- Keilor East
- Pascoe Vale South
- Aberfeldie
- Burnside Heights
- Plenty
- Heidelberg West
- Lilydale
*based on views per listing in last three months of 2018