John McGrath: Property guru reveals picks for top Victorian suburbs to boom in 2024
Sellers in a handful of Victorian suburbs could be cashing in big next year as one of the nation’s leading property experts, John McGrath, reveals his top picks to lead the 2024 market.
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Sellers in a handful of Victorian suburbs could be cashing in big next year as one of the nation’s leading property experts reveals his top picks to lead the 2024 market.
In a new report released today, property guru and McGrath Estate Agents boss John McGrath has tipped inner city postcodes Flemington, Spotswood and Elsternwick as the next to boom.
“With gentrified North Melbourne and Kensington on its doorstep, Flemington offers a similar level of inner city convenience at a much more attractive price point,” Mr McGrath said.
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PropTrack data shows Flemington’s current median house price sits at $1,092,523, while a typical house in North Melbourne costs six figures more at $1,216,162. In Kensington buyers typically shell out $1,124,925.
He added that Spotswood offered a similarly affordable alternative to nearby Seddon and Yarraville and had “something for everyone” with attractions like the Grazeland food precinct, Scienceworks museum and plenty of local parkland.
Elsternwick was also tipped for growth next year after rising in popularity for its proximity to the CBD and bayside beaches.
“It also offers all the buzz of the inner east with a touch of peace and quiet,” Mr McGrath said.
“There’s a range of housing options available, including new and old apartments and larger family homes.”
Other areas predicted to take off next year included Point Cook, situated 22km southwest of the city with a median house price of $796,473.
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“The suburb, one of the country’s most multicultural, has a good mix of housing stock and its proximity to the water is a big drawcard for residents,” Mr McGrath noted.
He also highlighted Mansfield, in the foothills of the Victorian alps, as a town to add to buyers’ shopping lists.
“Price growth has not yet reached the heights of high country lifestyle locations like Bright, while its proximity to Mt Buller ski resort means it’s the ideal launching point for winter sports fans,” he said.
PropTrack data shows the regional township has a $760,517 median house price.
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