Northern Melbourne residential market growing strong: HTW

Northern Melbourne residential market growing strong: HTW
Northern Melbourne residential market growing strong: HTW

Inner northern suburbs of Melbourne continue to perform well with strong results continuing at all price points, according to a recent Herron Todd White (HTW) report.

The property valuation firm says that detached dwellings continue to outperform units due to strong land values and proximity to amenities.

“Growth within the detached dwelling sector continues to outperform their unit counterparts driven by strong underlying land values, infrastructure and proximity to employment and amenities," HTW said.

“Outer northern suburbs of Craigieburn, Mickleham and Kalkallo are also considered to be performing well at all price points primarily driven by factors associated with affordability, infrastructure and population growth.

“These markets are considered to be tracking well with strong demand and relatively limited availability of new titled allotments being made available.

“We have noted however, that a substantial increase in supply could lead the market in a new direction.”

Herron Todd White warned that outer northern suburbs are at higher risk of being less popular if interest rates were to rise.

“Generally speaking, the outer northern suburbs would benefit most from an increase in infrastructure investment given the lack of pre-existing infrastructure to support the already growing population.

“Both the inner northern and outer northern suburbs would likely see a slow down if there was a significant change in lending criteria or interest rates.

“Outer northern suburbs however, are at higher risk of being impacted by a decrease in overall demand as they are more sensitive to rising rates.”

A five bedroom house at 69 Parkside Rise, Craigieburn (above) has been listed for $850,000 to $935,000.

Similarly a three bedroom house at 4 Blayney Street, Kalkallo (below) has been listed for $509,000.

Northern Melbourne residential market growing strong: HTW

A three bedroom house at 55 Bowral Loop, Craigieburn (below) was recently sold for $397,500.

Northern Melbourne residential market growing strong: HTW

Similarly a four bedroom house at 11 Black Range Avenue, Craigieburn (below) was recently sold for $570,000.

Northern Melbourne residential market growing strong: HTW

Tags: 
Htw North Melbourne

Comments

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