Street-View Melbourne: 5 Lesser-Known Suburbs on the Rise
Housing prices can be tricky things to navigate, as you can probably tell by the many, many articles popping up every few months proclaiming that X suburb is shooting ahead, or Y suburb is a contender for most growth. Suburbs like Yarrabend or Kew seem like easy choices for growth based on their proximity to the city, however housing is rarely that simple. Here we have compiled a list of suburbs that are on the rise in Melbourne for a variety of reasons, be it house pricing, rental pricing, or upcoming development.
Mount Waverley has seen a steady increase in desirability over the last few years, as it’s school districts allow for students to have a bit more of a choice with high schools and primary schools. It has several public transport options, it’s only a 20 minute journey from the CBD by car, and it lies on the doorstep of Chadstone Shopping Centre. These things combine to form strong house prices with steady growth, although with an average house price of $1.27 million, the sooner you get in the better – it shows no sign of slowing down.
Sunshine has seen a 5% growth in house prices in the last year, a distinct growth above many other suburbs. Situated in the outer western suburbs, Sunshine boasts it’s own Escape Room- a challenging physical game in which a participant has a set number of hours to solve a puzzle and escape a locked room- something many other suburbs can’t claim. As well as that, it is a short train ride from the city, and is just 2kms from Quang Minh Buddhist Temple.
Chadstone is divided into two sections. As far as housing goes, there is the upper-scale, more valuable houses located closer to Chadstone Shopping Centre, and there is the commission housing flats toward the Ashwood side of the suburb. There has been a growth in both sides of the housing divide, and this allows the smart investor the chance to purchase a house in a growing suburb for a substantial amount less than they would pay halfway across the exact same area. Chadstone’s biggest talking point is Chadstone Shopping Centre, one of the largest and busiest shopping centers in the southern hemisphere. As this shopping centre expands steadily, the housing around it is bought up to make room for more parking, and newer buildings. With a new wing set to open at the end of 2016, expect a steady increase in interest in the area.
Box Hill is located toward Doncaster and has a wide selection of things to do at any time of year. With some of the best Asian cuisine this side of the city, Box Hill cements itself as a great place for a meal, and with many shops and regular events taking over the public spaces, there’s never a dull moment in the area. Being in close proximity to Box Hill Hospital means that people with greater medical needs can feel safe in the knowledge that they aren’t far from treatment, and a wide array of transport options for those less inclined to drive.
In this last year, Bayswater North has seen the second biggest jump on the property market, at 351 places. With public play areas for children, and plenty of cafes and bakeries, it’s a family friendly area that stands behind the significant rise in property market listing.
The above suburbs represent a strong growth for Melbourne suburbs, and definitely merit a bit of investigation if you’re looking to buy any time soon.