PRDnationwide uncovers Melbourne’s affordable growth suburbs

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Feb 3, 2017

PRDnationwide uncovers Melbourne’s affordable growth suburbs

PRDnationwide has identified the Melbourne suburbs of Deer Park, Fawkner, Mill Park, Reservoir, Tullamarine and Murrumbeena as their best value picks.

Image: hockingstuart.

This three-bedroom cottage at 53 Queens Parade, Fawkner, sold for $783,000 in December last year.
Image: Stockdale & Leggo

This three-bedroom home at 40 Dumfries Street, Deer Park, sold on 3 February for $497,000.
Image: Love Real Estate.

This charming three-bedroom terrace at 72 Stockdale Way, Mill Mark, sold in December for $482,000.
Image: Barry Plant.

This two-bedroom home at 13 Mack Street, Reservoir, sold in December for $685,000.
Image: Stockdale & Leggo.

This three-bedroom home at 91 Lackenheath Drive, Tullamarine, sold in December for half a million dollars.
Image: Woodards.

This four-bedroom home at 68 Kangaroo Road, Murrumbeena, sold for $1.75 million in December.

In these times of escalating property prices and record-low affordability, it's helpful to get some advice from the experts.

The PRDnationwide Research Team has revealed Melbourne’s most affordable growth suburbs within 20 kilometres of the CBD.

The PRDnationwide Second Half 2016 Property Hotspots Report highlights Deer Park, Fawkner, Mill Park, Reservoir, Tullamarine and Murrumbeena as areas with strong value and capital growth potential.

The report examined investment and growth factors, including short and mid-term median house price growth, online interest, volume of sales, median rental price, vacancy rates, and rental yields.

Planned commercial, residential, infrastructure and industrial projects in each were also taken into consideration.

The table below provides an overview of each market.

Source: PRDnationwide.

PRDnationwide Chairman and Managing Director, Tony Brasier, said the fundamentals in these suburbs were strong.

“The amount of development activity taking place in these suburbs and surrounding areas is very encouraging. New roads and infrastructure, shopping centres and commercial precincts are reliable indicators of future price growth,” he said.

Brasier said many of these suburbs have been overlooked.

“While many suburbs in Melbourne have been attracting widespread interest from buyers for some time, these hotspots are flying under the radar," he said.

To download the report, click here.