Middle-ring suburbs in Melbourne’s east lead decade of property price growth
The almost constant growth in values in Melbourne property continues to spark much debate and commentary. Over the 10 years to 2016, values increased by 84% on average. But included in the 30 or so suburbs that approximately doubled this figure are the suburbs in the middle ring of Melbourne.
For instance, Ashwood increased by 183%, Box Hill South by 182% and Mount Waverley by 172%. Stated another way, these suburbs, along with Burwood, Burwood East, Forest Hill, Glen Waverley etc. increased by between 9.5% and 11% per annum on average for 10 years, including the period of the GFC.
The combination of public infrastructure, Universities, quality schools and the quality of life that parks, space and a slightly slower pace converts to noticeably higher returns over time. The slower pace is achieved from not being right in the centre of all the action, whilst still being conveniently accessible.
So next time you hear a commentator banging on about the inner suburbs being the only place to achieve high growth, remember that the facts don’t support this.
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Source: A Guide to Property Values by Victoria’s Valuer-General