Reservoir to be one of Melbourne's hottest unit markets: PRDnationwide

Reservoir to be one of Melbourne's hottest unit markets: PRDnationwide
Reservoir to be one of Melbourne's hottest unit markets: PRDnationwide

PRDnationwide nominated three suburbs as its 2017 affordable unit hotspots in Melbourne in its Melbourne Property Hotspots: Second Half of 2016 report for the Victorian capital city.

These were Reservoir, Tullamarine and Murrunbeena:

Reservoir

OVERVIEW

Approx. distance from CBD: 12km

 Median unit price $420,000

• 1 Bed Median Price $310,000

• 2 Bed Median Price $416,000

• 3+ Bed Median Price $550,000

Reservoir is located 12 kilometres north of the Melbourne CBD and is poised to become one of the city’s hottest suburbs in coming years.

Near previous and current hotspots, Macleod and Fawkner, it offers impressive rental yields of 4.2% and a low vacancy rate of 1.7%, presenting attractive opportunities for investors.

Similar numbers are mirrored in the Reservior housing market, putting Reservoir in a prime property position.

This is further supported by the $130.8 million invested in development projects for 2016

A two bedroom unit at 21A St Vigeons Road, Reservoir (above) has been listed for sale for between $400,000 to $440,000.

Tullamarine

OVERVIEW

Approx. distance from CBD: 17km

Median unit price: $398,000

• 1 Bed Median Price $270,000

• 2 Bed Median Price $327,500

• 3+ Bed Median Price $427,500

Tullamarine continues to be a talking point in the property market.

Consistent median sale price growth combined with a strong rental yield of 4.3%, and a vacancy rate under 1%, makes it easy to see why.

Some $32.2 million of projects are planned for the area and commercial enterprises are a key focus.

In fact, $24.8 million is dedicated solely for the construction of new commercial facilities.

The rising demand for housing in the area is being addressed with $4.7 million allocated for new housing projects.

A two bedroom unit at 2/87 Mickleham Road, Tullamarine (below) has been listed for sale for $410,000.

Reservoir to be one of Melbourne's hottest unit markets: PRDnationwide

Murrunbeena

OVERVIEW

Approx. distance from CBD: 13km

Median unit price: $540,750

  • 1 Bed Median Price $302,250
  • 2 Bed Median Price $577,750
  • 3+ Bed Median Price $875,000

The Murrumbeena unit market has fluctuated in recent times but is set to continue on its current path of increasing annual growth, and its position near previous hotspot, Oakleigh.

At the higher end of the affordable spectrum, Murrumbeena is proving to be worth the extra attention as its vacancy rate is at a low 1.5% (well under the Melbourne rate of 2.7%) and records solid rental yields of 3.8%.

The area is well serviced by both bus and rail, and enjoys good access to nearby shopping centres and cafes.

A two bedroom unit at 116/41 Murrumbeena Road, Murrumbeena (below) has been sold for $525,000.

Reservoir to be one of Melbourne's hottest unit markets: PRDnationwide

Tags: 
Hotspots Reservoir

Comments

Be the first one to comment on this article
What would you like to say about this project?