Why buyers are looking to invest in Heidelberg West
Heidelberg West, in Melbourne's north-east, has quietly made a name for itself off the back of its more established suburbs of Ivanhoe, Preston, and Heidelberg.
Not just an extension of Heidelberg, Heidelberg West has been around for over a century, with the Heidelberg West Post Office dating back to the early 1920s. The area went on to host the Olympic Village at the 1952 Summer Olympics.
The small suburb's borders stretch from the start of Darebin Creek Forest Park and Olympic Park on the west to Waterdale Road to the east, with a number of parks, and extensive infrastructure, dotted throughout the suburb.
The local council, Banyule City Council, has plans in place to renovate the historic Bell St Mall, a sign of further infrastructure investment in the area.
On the border to the north of Heidelberg West is the La Trobe University, which has extensive plans to become a world-class University City of the Future, with development of the 235 hectare campaus.
La Trobe has been identified as the anchor in the Victorian Government’s La Trobe National Employment and Innovation Cluster, one of seven clusters to be developed, to support the projected significant employment and residential growth in Melbourne’s North.
The new infrastructure will turn the campus 'inside out' and welcome the local community onto the campus as a place to live, learn, work, socialise and stay healthy.
The University City of the Future will create:
- 20,000+ new jobs over ten years
- Education facilities for 40,000+ students
- Additional housing for 12,000 students, staff and private residents
- $3.5 billion in Gross Regional Product (GRP) over the next 10 years.
Infrastructure will be furthered at Precinct 6A, on the corner of Bell Street and Waterdale Road, where there's been a rezoning by the local council for multi-level residential development, essentially leading to the gateway of the Heidelberg Precinct and Activity Centre.
The precinct will feature increased residential density to support the expanded job opportunities of the nearby LaTrobe National Employment and Innovation cluster.
This has been highlighted in the Heidelberg Structure Plan, currently adopted by Council and is expected to be delivered in the near future to accommodate the growth of the area.
One of the newest developments set to take advantage of the future infrastructure pipeline in the area is Cultivate, Heidelberg West's first high-rise development.
The dual-tower project, already over 50 per cent sold, will be one of the tallest on Bell Street, with stricter building heights now put in place as the residential development pipeline builds.
Cultivate offers a walk score of 80, with grammar schools and colleges, universities, hospitals, research hubs, major retail centres and the Yarra Valley Parklands all close by.
Apartments at Cultivate start from just $369,000 for a one-bedroom apartment and $479,000 for the two-bedroom units, considerably less than Heidelberg West's $650,000 median for two-bedroom apartments. Three-bedroom apartments start from $727,200.
Construction is expected to begin early next year, with a completion date slated for the end of 2023.
