Ringwood, Croydon and Wantirna - best suburbs to invest in Melbourne: HTW residential
In terms of the best growth suburbs to invest in Melbourne, valuer John Costanzo believes there is still plenty of value to be had in Ringwood and Croydon, according to the latest Herron Todd White (HTW) residential report.
"While the property market started 2019 on a positive note with more interest from buyers, auction clearance rates rising and banks chasing more business, another hurdle has been put in our way," the valuation firm said.
"While the current slump in property values resembles those in 2008 during the global financial crisis, this time around, our economy is sound with interest rates at an all-time low."
A four bedroom house positioned within a highly coveted cul-de-sac in Ringwood with views of Dandenong Ranges has recently been sold for $796,000.
Nestled on a 559 square metre allotment, the brick house at 4 Gibson Court (pictured below) comprises master with built-children's playroom, three additional bedrooms, living and dining room with views, and sleek stone kitchen.
It has easy access to schools, shops and public transport.
Another pick is Wantirna, according to the HTW report.
"While Wantirna South’s median entered the $1 million club in 2018, its sister suburb Wantirna is inevitably next in line," the valuation firm commented.
With a median house price of $960,600, it offers excellent transport links, schools and proximity to Westfield Knox Shopping Centre, which will undergo a long- awaited major redevelopment from November 2019.
A current listing is a three bedroom single level house priced between $880,000 to $960,000.
Situated at 2 Fortescue Court, Wantirna (pictured below), the house comes with master bedroom, two additional robed bedrooms, living and dining spaced with porcelain tiles, smart kitchen and family area.
Additional features include ducted heating, split-system heating/cooling, salt-chlorinated in-ground pool with deck surround and double garage.
Click here to enlarge:
"Investors should start thinking about suburbs where infrastructure upgrades, particularly with links to transport, could put them at the top of the next boom.
"Buyers are still being cautious and with tighter lending conditions still in place, it’s likely the eastern Melbourne market will tread water in the latter half of 2019, although this will vary depending on local market conditions and demand. Only time will tell."