The top Melbourne suburbs expected to boom
- Posted By Ndl 1 Realty
Melbourne’s property market strongly entered 2022 with almost 80 per cent of its suburbs showing increasing sales activity, despite the imposed lockdowns in the past two years.
The most considerable price growth can be observed in suburbs situated in Melbourne’s north and west, as well as on the outer fringe.
A whopping total of 229 suburbs have rising sales numbers, according to Hotspotting’s latest Autumn Price Predictor Index.
In the seven years that property expert Terry Rider has been releasing this report, it’s so far the highest number recorded, which is also on par with Darwin.
Those tipped to rise include all six suburbs in the City of Darebin, and the nine suburbs of Moonee Valley. Meanwhile, 10 out of 11 of those in the Banyule local government are also expecting a boom.
To predict a suburb’s future growth, Mr. Ryder uses sales activity in the area before the prices increase.
The property expert predicted affordable suburbs including Hoppers Crossing, which saw a whopping 235 sales in the last quarter, Greenvale (118 sales) and Meadow Heights (74) would be among the spots bound to experience a price surge.
“It shows that people are inevitably chasing affordability, which has become harder and harder in Melbourne,” Mr. Ryder said.
“We have seen a big uplift in the outer areas that offer that affordability. And also the modern trend of working remotely — at least for part of the week — means that the need to be closer is less immediate for less and less people.”
Parkdale, which recorded 110 sales in the last three months, Balwyn (115), Blackburn (129), and Brunswick (225) were also poised to skyrocket, according to the report.
Mr. Ryder tipped parts of Melbourne would see growth above that recorded in 2021 this year.
He cited the opening of Victoria’s international borders as well as major infrastructure and economic projects as “major influences” for the 2022 market.
According to Hotspotting’s latest Autumn Price Predictor Index, here are the top suburbs likely to boom:
Albert Park — $2.170m median, 73 sales in the last quarter
Balwyn — $2.605m, 115 sales
Blackburn — $1.555m, 129 sales
Brunswick — $1.28m, 225 sales
Dandenong North — $695,000, 122 sales
Greenvale — $800,000, 118 sales
Hoppers Crossing — $575,000, 235 sales
Meadow Heights — $540,000, 74 sales
Parkdale — $1.41m, 110 sales
Sydenham — $670,000, 54 sales
Wheelers Hill — $1.335m, 90 sales