Outer South East Melbourne - hotspot for first home buyers: HTW residential
Individuals and families who currently have home loans or are looking to get a home loan have the upper hand as the current market conditions are more favourable towards them, according to the latest Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
"The main local drivers that influence the property market in Melbourne’s south-east are overseas and interstate migration, affordable housing and infrastructure spending," the valuation firm said.
Suburbs located within the City of Casey and Cardinia regions located in the outer south-eastern regions of Melbourne have become popular hotspots over the past few years for young families, first home buyers and newly settling migrants looking to buy or build their first home.
This is typically popular in the newer developing estates where individuals and families are able to customise their homes to cater for their individual needs with the aim of having a family friendly lifestyle, the report noted.
Suburbs such as Officer, Clyde and Botanic Ridge are located within the outer south-eastern region of Melbourne where it is most commonly zoned as an urban growth zone.
A four bedroom house in Officer has recently been sold for $622,000.
The 19 Harmony Place home (pictured below) comprises four bedrooms, theatre room, open plan living/dining room and modern kitchen.
It is close to schools and Cardinia Train Station.
A contemporary style family home in Botanic Ridge is currently on the market with a price guide of $719,000 to $769,500.
The four bedroom, two bathroom house is situated at 17 Maintop Ridge (pictured below).
Set on a 661sqm block, the home features central hostess kitchen, study/home office, and rumpus area plus theatre room.
"The urban growth zones are part of the government’s long term strategic plan of urbanisation and densification for Melbourne’s future designated growth areas.
"Growth of a community also comes with growth in infrastructure. A local driver such as infrastructure would often be an attractive factor to many as many individuals would be working nearby or would require roads and public transport to travel to work," the valuation firm said.
