Brimbank, Moreland and Darebin named among national top 10 for property growth

If you’re struggling to find a home in your price range, looking to these local government area hotspots might be the answer for you.

18 Greenwood St, Pascoe Vale South, is on the market for $1.1m-$1.2m.

Brimbank, Moreland and Darebin have been named among the nation’s top 10 growth markets, a new report shows.

According to Hotspotting’s latest Price Predictor Index, the local government areas are primed for price growth, based on their rising sales activity.

But they remain relatively affordable, making them an attractive choice for buyers looking to get ahead of the curve.

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2/170 Albion St, Brunswick, is offering up an affordable option at $390,000-$420,000.

The report found “many of the growth precincts are at the cheaper end of the market” with 15 of the 17 suburbs in Brimbank rated as rising markets.

Hotspotting founder and report author Terry Ryder said the locales showed supercharged growth potential and were future-proofing by investing in good infrastructure and transport into the CBD.

He highlighted Sydenham, where quarterly sales have consistently risen over the last two years, including 54 sales in the last quarter alone.

“Brimbank is a place I like for what it’s doing presently but also for the future,” Mr Ryder said.

“It’s not too far from the centre of Melbourne, it’s middle ring but very affordable. It’s got great infrastructure — a university, hospitals and good transport links — and it will be a major part of some of the new infrastructure like the suburban rail loop.

“It’s got some significant drivers.”

Meanwhile Brunswick, in the City of Moreland, was a smart choice given its proximity to the city and local amenities, he said.

“Brunswick is an area that is quite close to the centre of Melbourne, it’s got impetus from university and hospital precincts and it’s quite affordable, particularly its unit market,” Mr Ryder said.

5 Hepburn Place, Sydenham, is also on the cheaper side of Melbourne’s market with a $500,000-$550,000 asking price.

“It’s quite an attractive level of affordability, relative to Melbourne.”

Deer Park, Sunshine and Taylors Lakes also rated highly.

Ray White Brunswick auctioneer Jamil Allouche said suburbs from Brunswick to Coburg to Hadfield had “absolutely flown” as buyers cashed in on bigger blocks and better prices further out.

He singled out Coburg North as the “biggest pocket I’ve seen growth in of late”.

“They’re generally bigger blocks, about 600-700 sqm,” Mr Allouche said.

“And a buyer who wouldn’t usually have gone beyond Bell St … they realise that bigger block long term is … something that is probably better than where they were initially looking.”

The agent said developers were also circling the local market, with demand from young professionals looking for a comfortable home rife.

He added that Moreland’s access to amenities and green spaces was “really important”.

“The beauty of Moreland is it’s so well connected and has so many services in and around it too,” Mr Allouche said.

108 Queen St, Colac, is for sale for $519,000-$539,000.

Meanwhile Mt Evelyn, Colac and Stawell are some of the safest places to invest.

The locations, which “have the valuable quality of solidity,” were hailed for their consistent price growth over a period of time.

Mt Evelyn, near Lilydale, grew 14 per cent in the previous 12-months with a long-term growth average of seven per cent, the report found.

“The case studies show that consistent markets can produce good price growth in the short term — and, in addition, very solid long-term capital growth rates,” Mr Ryder noted in the report.

VICTORIAN SUBURBS SUPER-CHARGED FOR GROWTH

Albert Park

Ballarat East

Brunswick

Camberwell

Clyde

Greenvale

Hoppers Crossing

Lilydale

Mernda

Norlane

Parkdale

Pascoe Vale

South Morang

St Leonards

Sydenham

Wheelers Hill

Wyndham Vale

Figures are based on a significant uplift in sales activity, which is likely to lead to major price growth.

Source: Hotspotting’s Autumn Price Predictor Index

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