Best Suburbs to invest in Melbourne
Top 10 Best Investment Suburbs in Melbourne
We asked industry experts where they would buy.
Phil Horan, National Director, Hello Real Estate-
Wodonga is on the brink of a construction boom with a string of large-scale projects about to commence.
Ballarat whose population is expected to reach 130,000 within 20 years as more people leave Melbourne for regional Victoria.
Bendigo is a key regional center, thanks to its steady local economy, proximity to Melbourne, and good transport links to the capital – soon to be improved by the $5 billion Regional Rail Link.
Casey is a key population growth area for Melbourne and has emerged recently as a growing property market, with many suburbs attracting rising sales activity from buyers.
Dandenong showed exceptional capital growth between 2007 and 2010, and it now presents as a location on the cusp of a new growth phase, based on its affordability, good transport links to central Melbourne, and extensive spending on infrastructure.
Epping/ Craigieburn has plenty of good reasons that are worthy of consideration by investors. They include The Western Ring Road upgrade, Relocation of Melbourne’s fruit & vegetable markets to Epping, Austrak intermodal terminal at Somerton, Relocation of Coles Myer’s key distribution facility to Somerton, Major housing and retail developments.
A conveyancer plays a vital role in simplifying the process of finding the right suburb for investment. They ensure that the chosen property aligns with your investment goals and is legally sound. At Jims Conveyancing we conduct thorough due diligence, to uncover any hidden issues or potential risks associated with the property or suburb. We also review contracts, handle legal compliance, and guide you through the transaction, safeguarding your interests every step of the way.
Frankston was an active property market in 2009/2010 offering affordable homes by the sea popular with first-home buyers as well as million-dollar homes along the beachfront. The Frankston market paused, in line with wider city trends, in 2011-2012, but is now poised for a comeback, boosted by new investment and numerous commercial developments.
Maryborough was originally a gold mining area, developed on the back of the agricultural industry and now it is a growing manufacturing center, which also attracts tourists through its rich gold mining heritage and architecture. It has appeal for investors as a growing town with affordable real estate options.
Suburbs in the City of Monash is one of Melbourne’s steady markets with major infrastructure and employment prospects are strong, with Monash Health, the largest public health provider in Victoria, employing 13,000. More jobs will become available when Chadstone Shopping Centre expands, employing 2,700 construction workers and creating a further 2,200 operational jobs upon completion.
Sunshine and surrounds are destined to become a major regional hub within the Melbourne metropolitan area nominated in the ‘Melbourne Metropolitan Planning Strategy’ as the key area for development and infrastructure spending in the city’s western suburbs.
Contributor: Philip Horan CEO of Hello Real Estate Ltd and the Author of;
‘If You Love Your Real Estate Agent Don’t Buy This Book’ www.philiphoran.com.au
Louise Syphers, Mortgage Broker, Lakeside Financial
I find many of my clients in particular when buying property often look at the following when determining property-
- Access to public transport
- Education public schools and private schools
Particular areas are given the above I can see further growth in the next 5 years is –
- McKinnon
- Glen Waverley
- Oakleigh
- Berwick
- Footscray (close to the city and still very good property prices)
Contributor: Louise Syphers, Lakeside Financial http://www.lakesidefinancial.com.au/index.php
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FAQs
What makes a suburb in Melbourne a good investment in 2024?
In 2024, a good investment suburb in Melbourne is characterized by strong growth potential, affordability, improving infrastructure, and a balance of lifestyle amenities like parks, schools, and shopping areas.
How do I identify up-and-coming suburbs in Melbourne for investment?
To identify up-and-coming suburbs in Melbourne, look for areas with planned infrastructure upgrades, increasing demand for rentals, emerging commercial developments, and suburbs neighboring already popular areas.
Are there affordable investment options in Melbourne’s suburbs?
Yes, Melbourne offers a range of affordable investment options. Suburbs further from the CBD or those undergoing revitalization often present lower entry costs and potential for long-term growth.
What risks should I consider when investing in Melbourne suburbs?
When investing, consider risks like market fluctuations, interest rate changes, rental vacancy rates, and potential over-supply in certain areas. It’s important to research and possibly consult with real estate experts.
