Why investors are looking for value in Greensborough
Infrastructure and population growth are the two key factors when property investors look at suburbs to invest their money.
Of course there are a number of other drivers, such as rental yield and vacancy rate, but population and its growth forecast somewhat drives those two numbers.
Greensborough, in the City of Banyule in Melbourne's East, falls into a Victorian Government high priority precinct, which is attracting investors to the suburb.
There's expected to be a seven per cent increase in population by 2027 in the City of Banyule, and 12 per cent by 2036. As population grows, housing demand intensifies.
Seeking to take advantage of the forecasted population growth is property developer Citinova, whose Albero apartment development is the only project on the market in the area.
The 45-apartment development is slated for completion in Spring 2023, and investors are looking at Greensborough's strong vacancy rates, under one per cent in the local area.
Greensborough's median rental price for a two-bedroom apartment is $411, according to SQM Research.
Albero apartments start from $460,000 for the one-bedroom product, and $625,000 for the two-bed apartments.
Given Greensborough is a Victorian Government high priority precinct, there are a number of government-led infrastructure projects, namely increased transport links.
Work is set to begin on Greensborough's new modern station, which will see services run from the new station every seven minutes. The track will be duplicated between Greensborough and Montmorency and between Diamond Creek and Wattle Glen, to allow more trains to run more often.
Victoria's Big Build worked with local Greensborough residents to talk through the design of the station. They wanted a modern station with natural and earthy tones, as well as native vegetation. There will be 130 solar panels and a rainwater tank as part of the new station building to improve sustainability.
While maintaining a leafy suburb-vibe, Greensborough has a robust local economy. Nearly half of the population earn over $1000 a week and are looking for a home close to work, Citinova suggest.
The City of Banyule’s economy has consistently grown over the past decade, from a Gross Regional Product (GRP) of $4.7 billion in 2007 to $5.7 billion in 2017.
Greensborough itself is home to a range of businesses and industries, including healthcare, retail, and hospitality, all of which contribute to a strong and stable local economy.
The area has several shopping centres, including Greensborough Plaza, which is home to over 180 specialty stores and major retailers such as Coles and Target.
It's also home to a number of local cafes and restaurants, parks, and recreational facilities such as the Greensborough Football Club and the Greensborough Tennis Club, making it an attractive location for families.
