LOOKING TO BUY A PROPERTY IN MELBOURNE? NOTE THESE PROPERTY TRENDS

When it comes to real estate, one of the fastest growing regions in Australia continues to be Melbourne, in particular Melbourne’s western suburbs. Whether you are just starting out on the property ladder, looking for your first family home, downsizing from a larger property to a one- or two-bedroom unit, or thinking about moving up to something a little bigger to accommodate a growing brood, there are plenty of options to choose from in Melbourne, depending on your budget and preferences.

TRENDS IN LOCALITY

While the housing market in the last couple of years has been challenging for buyers, particularly those looking to buy in Melbourne’s popular eastern suburbs such as Kew and Surrey Hills, there is good news for those willing to look outside of the more competitive areas, where prices are more reasonable. If you’re looking for an area within reasonable commuter distance to the city that also has all your amenities and good schools, you could do a lot worse than shopping in the up and coming areas in Melbourne’s west.

Certainly property prices have gone up over the past few years in the west as well, but it is worth noting that, as a general rule, the inner western Melbourne suburbs are definitely better priced when compared to the inner eastern suburbs. And if you’re willing to go a little further out, an area that has a lot to offer is Caroline Springs.

Touted as one of the suburbs to watch, Caroline Springs is located 25 kilometres west of the Melbourne CBD. It has a well-designed town square, plenty of shopping and dining options, and beautiful parks and walking tracks that are perfect for the weekends. With the Kororoit Creek running through the centre of the suburb, local council authorities and developers have been quick to take advantage of the natural surrounds, which is home to plenty of rare plants and wildlife.

TRENDS IN HOUSING TYPES

According to reports, rental prices for apartments in Melbourne have noticeably dropped in a small number of suburbs, mostly due to overdevelopment. Even though the size of the rental market has grown, median rents have apparently dipped in areas including Collingwood, Abbotsford, North Melbourne and Bundoora, especially for one-, two- and three-bedroom units.

Meanwhile, there has also been an increase in the recycling or upcycling of older properties. Adding a new home to an old backyard seems to be one of the emerging trends, and with the subdivision of plots on the rise, the quarter acre plot is fast becoming more of a luxury than the norm. If you are looking for a smaller, compact new build, with a relatively smaller outdoor space that requires less maintenance, then a subdivided unit is the type of property to keep an eye out for.