The top and upcoming property hot spot may sound like a real estate dream all the time, but working out where and when an area is going to become the next thing is not as mysterious as some may think.
There’s a lot of stories about those “lucky” enough to buy the right home at just the right time in just the perfect location and sell for a big profit.
We often regret not benefiting from the same good fortune, but property experts will tell you that making money out of real estate isn’t always about luck.Here are the next suburbs that will boom in and around Melbourne.
For Melbourne investment, it shouldn’t be a surprise that Melbourne CBD is set for noteworthy expansion with multiple infrastructure projects at state and local levels to justify for the anticipated surge in population over the coming years.
There will be a momentous upswing in hotel and apartment developments including West Side Place, Queens Place and By The Gardens which will provide a range of investment prospects in an area that should not struggle getting tenants. The Bourke Street South development will also offer more retail and apartment selections adding another option to the already busy heart of Melbourne.
The city while seeing a bit of dip in median house value is expected for a boom basing on the current population growth rate. It is expected that six million people will call Melbourne home by 2025.
Southbank, on the other hand, is set to dominate the Melbourne skyline with multiple high-rise vertical living options, while also poising itself as a community hub. Southbank has a present median rental price of $550 weekly with a median sale price of around $800k.
One Queensbridge Street (323m) is the future home of Australia’s tallest buildings including and Southbank by Beulah (356m) will make the present winner of the height competition, the Eureka Tower (297m) will compare weakly. Investors who prefer rooms with a view won’t find a more remarkable one than from the apartments in these beauties.
3. South Melbourne
South Melbourne is another realtor top pic for the suburbs to buy an investment property in Melbourne this year. The area is scheduled for a slew of apartment developments along Albert Road, Eastern Road, and Dorcas Street. Currently, the word ‘apartment’ is getting mentioned a lot but have no fear of an oversaturation as Melbourne is anticipated to push past five million people in the next three years.
Footscray is scheduled for a momentous cultural renovation as the suburb that feels like a country town joins its neighbouring inner-city cousins in the vertical living.
Footscray may even be the best value-for-money investment offered right now since the suburb has yet to see a lot of the change that’s coming its way. Footscray,for now,feels slower and simple, but those will be a distant memory in a few years.
5. Harpley, West Melbourne
As the classification of ‘inner-city’ begins to go outward from the Melbourne CBD, West Melbourne will become the next best area for modern-village living.Located just 3km from the Werribee CBD and 35km south west of Melbourne, Lendlease Communities in Melbourne, Victoria, particularly Harpley will be areal estate investment choice from the city offering direct access via the Princes Freeway.
Harpley was designed with lifestyle and convenience in mind. Check out Lendlease’s website to find out more about the community facilities, recreation, education, shopping and transport links that will be available at Harpley.
We hope this quick list of the best suburbs to consider in Melbourne has assisted in helping you make the right investment choice this 2019. Best of luck!