Therefore, you may be thinking, “In 2023, where exactly in Melbourne would be the ideal place to invest in property?” if this is your thoughts our Buyers Agency Melbourne experts have got you covered.
In contrast to other major Australian cities, Melbourne’s home prices were hit hard by the state’s lengthy Coronavirus lockdown in 2020 and 2021; as a result, the city’s trough-to-peak increase in value during the boom years of 2020 and 21 was just 17.3 percent.
Our Elite Buyers Agency Melbourne investment property strategies makes winning the only option for our clients. We make property buyers benefit both from on and off market properties. Our buyers agent strategies are unique and they produce the desired results.
One thing we will make clear is that, don’t focus so much on noise in the media and around you, first try to reach out to your buyers agent, real estate agent, or your buyers advocate in whatever way they are to you. To find out the market situation and how to profit from it.
The Soaring Cost of an Investment Property in Melbourne
The value of houses in Melbourne increased by over 21% during the boom compared to just 10.5% for flats during the same time period.
A Grade homes and “investment grade” houses are still in short supply for the continuing strong demand in Melbourne, despite all the negative press, while B Grade properties are taking longer to sell and knowledgeable purchasers are avoiding C Grade properties.
Preliminary auction clearing rates in Melbourne are now hovering around the mid to high 60%s, which implies that 6 out of 10 bidders and sellers are agreeing on a price. This compares to clearance rates of approximately 80% at the same time last year.
Many prospective property buyers do asked our Melbourne buyer’s agent, “What is going to drive property values to improve moving forwards, given that high interest-rate and inflation are expected to stay eating away at the ordinary Australian household budget for some time?”
Short-term swings caused by interest-rate hikes, inflation, or government action will be considerably less relevant than the long-term drivers of our property market: demographics (such as population growth, family formation, how we want to live, and where we want to live).
The era of growing household incomes and cheap interest rates that we enjoyed over the previous decade is finished, along with the rising tide that lifted all ships during the last boom.
Capital growth will be determined by factors like as demography, gentrification, neighbourhood, and wage growth of the individuals in these regions, making our property markets much more fragmented in the future.
The Communities for Investment Buyers Agency Melbourne Recommends:
Here we’ve outlined some of Melbourne’s neighbourhoods that we think are worth keeping an eye on in the next year if you will be purchasing property.
Brighton
Many Melbourne Buyers Agents do say that Brighton is home to some of Melbourne’s wealthiest people – at the bayside district of Brighton, which is only 11 kilometres from the city centre.
The region is home to some of the city’s most luxurious mansions, with the average property costing over $3 million. Simultaneously, a mini-boom in apartment construction is making downsizing and investing more accessible.
There are three train stations, several shopping centres, cafés, restaurants, beaches, and excellent educational opportunities in the vicinity.
Elsternwick
Elsternwick is a very desirable Melbourne neighbourhood, well known by our Buyers Agency Melbourne experts because of its convenient location about 9 kilometres from the city centre. The area is especially attractive to families because of its proximity to excellent educational opportunities, a beautiful beach, and convenient public services.
McKinnon
McKinnon is conveniently located close to public transportation and not far from the downtown. It’s convenient to a wide range of amenities, including parks, schools, businesses, and more. McKinnon, like the neighbouring neighbourhoods of Bentleigh and Ormond, is undergoing gentrification as many new homes and townhouses are being developed there.
McKinnon High School’s significantly expanded catchment zone is a major selling point for the area, appealing to both homebuyers and renters.
Caulfield
Caulfield is a well rated Melbourne neighbourhood located around 10 kilometres south-east of the city centre.
Caulfield has excellent access to the rest of Melbourne, including the central business district, Elsternwick, and Glen Huntly, thanks to the tram and train networks that run through the area.
Hampton
Hampton, a coastal area adjacent to chic Brighton, played host to this season’s The Block. This rapidly changing neighbourhood is only 14 kilometres from the central business district, and it already has a variety of restaurants, bistros, apparel stores, antique shops, and personal service providers.
Beaumaris
Another hot area with a high median property price is Beaumaris, a tiny bayside neighbourhood.
87% of the homes in the region are owned by residents. The average price of a home in Beaumaris has increased by 5.0% annually while the average price of an apartment has increased by 5.9%.
Ormond
About half of the homes in Ormond are occupied by their owners, making it a highly owner-occupied suburb.
The area is undergoing gentrification; there are several cafés, stores, and supermarkets within walking distance; excellent elementary and secondary schools; and first-rate public transportation.
Sandringham
Again, this is a hot real estate market with skyrocketing prices. Located 16km south-east of the central business district, this coastal enclave is popular with families because of its high-end stores, restaurants, and other conveniences.
Cheltenham and Highett.
Cheltenham is a suburb that is slowly but surely becoming the bride of the gentrifying Highett.
Both areas have easy access to the city centre via the fast train and are just 19 minutes from the beach and the Southland retail centre.
These suburbs feature beautiful parks, schools, shops, and some of the top golf courses in Melbourne, and they are very desirable for owner-occupiers due to the variety of options for children’s education they provide. Suburbs like Parkdale and Mentone, which are close by, also make for excellent real estate investments.
Mordialloc
Mordialloc is often regarded by Melbourne buyers agency as a fantastic neighbourhood for those seeking a high quality of life with few drawbacks. The beach and a variety of dining options are easily accessible. The suburb is only 24 kilometres from the city and is conveniently reachable by car or train. The region also has excellent educational facilities and daycare centres.
The Glen Waverley
Residents of Glen Waverley tend to be young, both in age and in professional status. The neighbourhood has a low crime rate and is inside the attendance zone of some of the city’s finest schools.
There are mostly residential parts in this suburb, which is located 19 kilometres south-east of the central business district, and a sizable commercial district centred on the Glen Waverley Railway Station.
The Glen Shopping Centre, Glen Waverley Golf Course, and Central Reserve are all within easy reach.
Surrey Hills
Surrey Hills, an upscale neighbourhood in Melbourne’s east, with a typical home price of $1.75 million.
Union Road commercial village, the heart of the family-friendly neighbourhood, is a terrific place to find restaurants, health food stores, and other businesses. When refurbished, older villa units in Surrey Hills may be excellent investments.
Mount Waverley
Again, Mount Waverley is a great place to raise a family, since it is populated by many couples and families, as well as some younger singles.
Parks, schools, golf courses, stores, and public transportation all contribute to a laid-back atmosphere in the neighbourhood.
Parkdale
Parkdale, another coastal community farther south, is well recognised for its outstanding schools, wonderful sports facilities, shopping, cafés, and restaurants, as well as its convenient access to public transportation.
The Box Hill.
Box Hill, located 14 kilometres east of Melbourne’s central business district, has proven popular with Asian and foreign purchasers. It is a multicultural neighbourhood with excellent amenities and educational opportunities.
Conclusion
To know the best timing for the right property in the Melbourne property market, and when to take the best opportunity in property purchase, our buyer’s agent recommends that you follow the right approach for your dream property. Contact the best buyers agency Melbourne for the best results.
At buyers agency Melbourne, we always have the interest of our clients at the centre of our operations. Working with our experts at Buyers Agency Melbourne, you can be rest assured you are getting the best deals.
See also: Five steps to becoming a landlord and purchasing your first Investment property
