Monash property market: Eastern municipality set to boom amid infrastructure projects
The City of Monash is set to be transformed — and it’s going to send property prices skyrocketing.
News
Don't miss out on the headlines from News. Followed categories will be added to My News.
A property market boom like no other in Melbourne is forecast for the City of Monash, where major infrastructure projects are tipped to supercharge house prices.
New suburban rail loop stations and upcoming world-class medical and education facilities will transform the eastern municipality into a major jobs hub.
Leading property analyst Terry Ryder highlighted Monash as the only Victorian spot on his report of Australia’s top 10 regions booming because of new infrastructure.
RELATED: Oakleigh apartments $10k each in the ‘60s, today it’s $10k a metre
Clayton’s landmark M-City towers filling up, but not with cars
Affordable, liveable suburbs: Greensborough, Altona and Oakleigh South top list
Mr Ryder noted that Ashwood, Chadstone and Wheelers Hill had defied the downturn with annual house price growth of up to 18 per cent, despite the pandemic.
“Suburbs in Monash typically have long-term capital growth rates of 6-7 per cent per year. I expect that to improve in the next two to three years to 7-8 per cent per year, which would be among the best in Melbourne,” Mr Ryder said.
He said the upcoming suburban rail loop was the “biggest of the projects to impact Monash”, with stations confirmed for Clayton, Monash University, Glen Waverley and nearby Burwood this week.
The $1bn Victorian Heart Hospital, Monash Freeway upgrade and completed Monash Biomedical Learning and Teaching Hospital would also boost the economy, while businesses would be drawn to the expanding Axxess Corporate Park and The Glen Shopping Centre, plus the addition of a new Sofitel hotel.
Mr Ryder said Oakleigh would experience a huge surge in population as more people looked towards the zone.
Ray White Oakleigh agent Leigh Kelepouris said Oakleigh was “undervalued”, but expected that would change when more people discovered its thriving food scene and impressive public transport options.
Ray White Oakleigh agent Leigh Kelepouris said Oakleigh was “undervalued” but he expected that would change when more people discovered its thriving food scene and public transport options.
Mr Kelepourissold a four-bedroom charmer at 35 William St in the suburb at auction last week for $1.32m, after six registered bidders pushed the price above reserve.
Vendors Simon Myers and Sarah Howe said Monash had been the perfect area to raise their two children Harvey and Harper, and they had enjoyed upgrades to the Huntingdale shopping strip and Eaton Mall over nine years.
“Having serious infrastructure projects underway in Monash is a really good sign for the area,” Mr Myers said.
“It’s only really going to help take it to the next level.”
O’Brien Real Estate Oakleigh director Max Martinucci said Monash was at “the beginning of the next boom” and he expected double digit price growth in the year ahead.
He said Chinese buyers had disappeared from the area during the pandemic, but the market was buoyed by locals who were “priced out of premier neighbouring suburbs like Glen Iris, Surrey Hills and bayside”.
He suggested savvy investors looked to buy around Clayton and Clayton South, where the new Suburban Rail Loop stations would be located.
Mr Ryder also noted that Bendigo’s new hospital, upgraded rail links and a $1.3bn Australian Defence Force manufacturing contract also made it a hot regional investment option.
READ MORE: Paul Higgins, Michael Wittner selling homes in Brighton, Caulfield North
Adam Treloar and Kim Ravaillion buy in Highett days before trade
Dale Thomas: Former Collingwood, Carlton player lists Glen Iris home
Deery: Voters send strong message to Allan: ‘be better’
Labor voters are calling time and desperately looking for an alternative. But it appears they just aren’t sold on the Liberals — yet.
Voters turn on Labor in the west but results too close to call
The Allan government has been dealt a major blow with Labor copping a massive swing in its traditional heartland, but the Werribee by-election result remained on a knife-edge Saturday night.