Now, more than ever, people are time poor and, as buyers, prioritise convenience, lifestyle and amenities as part of their real estate requirements.
Time and again we are seeing previously affordable suburbs skyrocket in median property prices and, while proximity to the city remains a strong draw card, home buyers and investors are regularly buying properties based on the lifestyle opportunities they present.
Property markets are reaping the rewards of, and influx of, young, upwardly mobile residents who bring gentrification and flourishing café cultures to areas which drive prices up faster than the average house price increases across Melbourne.
I recently visited Yarraville for the first time in ages and was surprised to find that the seedy sports pubs have been replaced by cafes, hip restaurants and the revamped Sun Theatre.
To own property near this thriving and bustling community now costs an average of $1 million for a two-bedroom, single-fronted house on 200 square metres.
According to CoreLogic data, in nearby West Footscray, median house prices have seen a stellar growth of 72% (from $500,000 to $860,000) over the past five years; but remain in reach for young couples, who could benefit from bigger blocks of land and larger houses.
As gentrification sweeps through this suburb, more buyers will look to see what the area has to offer compared to its pricier counterparts and subsequently property prices will continue to increase.
Transport options, parking, proximity to the beach or other popular suburbs, eateries, boutique shops and entertainment venues are all a driving force behind property prices.
BIS Schrapnel and QBE’s property predictions for 2020 show a cumulative 10% increase in Melbourne’s median property prices over the coming three-year forecast period.
As Melbourne’s increasing property prices drive buyers to look outside of traditionally popular suburbs, buyers entering the market need to think beyond what is already available in their suburbs in terms of lifestyle to the potential of that suburb to accommodate the amenities they desire.
Other Melbourne growth suburbs that have stunned buyers and residents with huge median property price increases since 2012 include: Notting Hill; Heathmont; Ringwood; Ringwood East; Croydon North; Scoresby; Sunshine; Knoxfield; and Wheelers Hill.