Real estate experts are tipping suburbs in Melbourne’s west and Melbourne’s north as the ones to look out for this year.
Real Estate Institute of Victoria’s chief executive Geoff White has given his top ten suburbs to watch and most of them are affordable suburbs in the north west.
Mr White singled out the suburbs of Ardeer, St Albans and Kings Park as future hotspots after seeing healthy rises in their median house price last year.
Other suburbs highlighted were Fawkner and Hadfield, which offered buyers the chance to buy an affordable dwelling within 13 kilometres of the CBD.
Mr White said Montmorency was a suburb that would soon be one of the next to benefit from higher demand from buyers who can’t afford a location closer to the city.
He also pinpointed Mernda as a suburb set to rise off the back of the South Morang rail extension.
According to Frank Valentic from Advantage Property Consulting, it’s wise to look for the suburbs yet to peak, which of course rules out those in the inner city.
“North and west just offer such value for money – you’re able to buy a house in Ardeer, Albion, Sunshine West half an hour form the CBD for $600,000 to $800,000,” he told realestate.com.au.
Realestate.com.au figures have Lalor, Broadmeadows, Deer Park and Meadow Heights as the suburbs to experience the biggest surge in buyer demand in 2016.
The website has given their suburbs to watch in 2017 below, and they were based on recent price growth, buyer demand and expert tips.
NORTH
Fawkner, Thomastown, Lalor, Mernda, Hadfield, Broadmeadows, Meadow Heights
SOUTH
Frankston North, Dromana, McCrae
EAST
Montmorency
WEST
St Albans, Ardeer, Deer Park, Sunshine West, Hoppers Crossing, Kings Park, Delahey, Albion, Maidstone
