The inner-eastern school belt of suburbs have been identified as one of the best places to buy apartments in Melbourne.
The suburbs of Kew, Hawthorn, Camberwell, Balwyn and North Balwyn have all performed strongly in housing property markets for a good length of time, with their access to good schools making them attractive for buyers.
Andrew Leoncelli from CBRE spoke to Domain after presenting a seminar on the best locations to buy late last week.
Mr Leoncelli also identified the further-east suburbs of Doncaster and Doncaster East as emerging hotspots for apartments.
Traditionally these suburbs feature expensive, bigger homes well suited to families, but Mr Leoncelli said that was about to change.
He said by 2050 around 66 per cent of all dwellings in the eastern suburbs would be apartments or townhouses, as buyers look for cheaper options in expensive, on-demand suburbs.
“There is no more land in Kew, there is no more land in Hawthorn that will be opened up for houses, so naturally it has to change,” he told Domain.
”The downsizers are now about 10 to 15 per cent of all people that we sell to, the three-bedroom market is going to double the velocity in the last two to three years.”
“Burke Road, Camberwell is vibrant; High Street, Kew still has a fair way to go but getting better; Glenferrie Road, Hawthorn really dynamic,” he said.
Mark Dawson from Urbis told Domain he expected a huge rise in demand in the eastern region, driven by ongoing population growth and high standards of education infrastructure, employment hubs and entertainment.