Anyone interested in investing in property will no doubt be keeping an eye on the market in and around Melbourne, with continuing strength in the property sector, development and infrastructure projects all making the city a desirable location for investment.
Every year the Real Estate Institute of Victoria (REIV) looks at its pick of locations to watch in Melbourne, based on a number of factors including desirability and demand, median property prices and local infrastructure projects. In 2015, based on the same factors, the hotspots to watch included Mount Waverly, Essendon, Footscray and Chelsea. Unsurprisingly their popularity has not wavered and these suburbs also make it onto the list for 2016, along other potential areas for growth such as Spotswood, Burwood East, Altona, Epping, Montrose and Seaford.
A review of the property hotspots for anyone looking at investing in property can be a good lesson in what to aim for. For example, Mount Waverly was a hot suburb last year and will continue to outperform other suburbs in 2016, according to the REIV. The area, which includes the adjacent suburb of Glen Waverly, is a popular location for those looking to buy their own property as well as tenants. It consists of leafy streets, is close to the city, with excellent transport options and shopping precincts. High quality schools are always desirable and make suburbs more attractive for investors, and the public school Glen Waverley Secondary College is in high demand among families in the area.
Footscray and Chelsea provide two equally attractive suburbs for investors to consider. Footscray has the advantage of being only 5 kilometres from the city, and it is known for its vibrant community and offering recreational activities with the Maribyrnong River and Westgate Park. While it is still relatively affordable, it is also undergoing something of a transformation with increased gentrification and improving infrastructure. 30 kilometres from the city, with good transport options and located on a beautiful beach, Chelsea still provides an affordable area for investors, especially within the apartment market. In 2015 the area saw impressive sales growth, and the REIV expects this to continue into this year.
It often seems to first time investors that successful property investors must have a crystal ball to be able to pick just the right suburbs to put their money into. In reality, of course, it is simply that they keep on top of the latest market research and trends, and stick to the fundamentals of picking a good area to invest in. Getting assistance from professional property investment companies such as Ironfish can also give you a major head start, as they not only offer access to the latest information on the local property market, but can also put you in front of investment opportunities that others can only dream about. Talk to Ironfish today to see how they can help you choose the right location and the right property for you.