Whilst there are plenty of opinions on whether immigration to Australia should be cut, maintained or even increased, what is now established is that Melbourne is attracting approximately 400 new residents daily. Every day. And it has now for some time. 143,000 in the year to December.
Yes, it may get cut back a bit if the political heat gets turned up but Melbourne is clearly going to continue to be a magnet for a serious number of international migrants. And as Melbourne slowly overtakes Sydney in population, it is worth considering where most of them settle. Clearly there is a broad spread but within the established suburbs, there are two areas of significant growth. These are centred around Brunswick and Box Hill. Different demographics but both feature a cultural drawcard.
Some may see the changing landscape as a reason to flee the area for a quieter setting. Others are drawn to the steady growth and the buzz this density attracts. Box Hill has not only managed to achieve the third highest growth rate in Melbourne over the last 10 years (147% increase) but with the growing reputation as the second CBD, it is probable that this stellar performance will continue. Not with the same growth rate of course but it will likely outperform most of Melbourne.
This is not to the exclusion of nearby suburbs, with Box Hill South just behind it and Ashburton ahead. As the saying goes, a rising tide floats all boats and with the area continuing to be a draw-card to Asian migrants, in particular, value growth is likely to be maintained. We are currently in a price lull but once it restarts its relentless march again, the massive injection of infrastructure in and around Box Hill will help to keep it at the forefront.