The Melbourne property market has surprised most analysts with the strength of its resurgence.
With the turn in Australia’s housing market exponentially rising in terms of rebound prices being considerably stronger than expected, Melbourne has enjoyed its strongest property price increase. The change was driven by the combination of lower interest rates, easier access to credit and increased certainty about housing taxation. It is predicted that Melbourne should reach a new peak in property prices in the first quarter of 2020 with nation property prices likely to continue to rise till the end of the year.
Real estate expert John McGrath stipulates in his end of year 2019 report, ‘Victoria continues to attract the lion’s share of international investment in Australian residential real estate. Top flight education facilities continue to attract international students, with the University of Melbourne and Monash named in the World Higher Education Top 100 rankings again’. With long term prospects, Melbourne offers far more robust predictions for capital growth due to strong population and employment growth, major investment in infrastructure and cheaper housing than Sydney. ‘All of this should provide a softer market landing. Victoria’s net population grew by 18,200 new residents in FY17, more than any other state or territory which helped put Melbourne just shy of 5 million residents’.
With that said, Kensington, Carnegie and Cheltenham are John McGrath’s top picks for up and coming suburbs which will and have, already experienced exponential growth in terms of property value growth within the real estate market. McGrath believes Melbourne's property market has excellent fundamentals to support growth over the medium to long term.
House prices on Cheltenham’s west side are still well beneath those of its salubrious neighbours Sandringham, Mentone and Black Rock. Its second metro commuter rail option, the recently opened Southland station, cements this suburb’s profile as a business and commuter hub. Cheltenham in the south offers homes under $1 million, which is more affordable than neighboring Hampton and Beaumaris. The new Southland train station has also made Cheltenham a ‘go-to destination for savvy young buyers’ McGrath said. ‘Cheltenham has half a dozen schools and the most recent expansion of Westfield Southland has provided it with an abundance of retailers and eateries’.
With a 19.1% quarterly change in median house prices from September 2019 to December 2019, Cheltenham sits within the top 5 suburbs in Victoria for biggest growth not only in housing prices but also for median unit prices with an increase at 12.9% (REIV). With prices starting from only $365k for a 1 bedroom apartment, now is your opportunity to take advantage of the growth and development that is forecasted in Cheltenham. Aultun Group’s Cheltenham Place offers a series of 1, 2 & 3 bedroom homes which include a resident’s only gym, sauna, theatre, function space and a beautiful lobby.
With many young buyers realising the benefits of being able to lock in property at today's prices as well as the first home buyers grant and Foreign Investment Review Board (FIRB) rebates, you too could call Cheltenham Place home and enjoy the enviable lifestyle options at your doorstep every day.
For more information on Cheltenham Place or to speak to one of our friendly agents, please visit https://cheltenhamplace.com.au/.