Fawkner tipped as a Melbourne housing hotspot: PRDnationwide

PRDnationwide nominated three suburbs as its affordable 2017 house hotspots in Melbourne in its Melbourne Property Hotspots: Second Half of 2016 report.

Fawkner

OVERVIEW

Approx. distance from CBD: 12km

Median house price: $577,500

• 2 Bed Median Price $535,500
• 3 Bed Median Price $570,600
• 4+ Bed Median Price $647,250

Fawkner features again as a hotspot in the second half 2016 as this northern suburb of Melbourne continues to produce promising results.

Strong annual growth in median house price over the past year has fuelled interest in the area with developers keen on investing in Fawkner and surrounding suburbs.

Significantly lower vacancy rates than Melbourne (1.1% compared to 2.7%), and healthy rental yields of 3.2% also create an attractive investment environment.

A three bedroom house at 143 McBryde Street, Fawkner (above) was recently sold for $582,000.

Deer Park

OVERVIEW

Approx. distance from CBD: 17km

Median house price: $430,000

• 2 Bed Median Price $385,000
• 3 Bed Median Price $415,000
• 4+ Bed Median Price $475,000

Located west of Melbourne CBD, Deer Park has plenty to offer with an affordable price tag.

The suburb has shown continual growth over the past three years, priming the area to be a hotspot in 2016.

Close to first half 2016 hotspot, Sunshine West, Deer Park is serviced by both train and bus services to the CBD.

Some $96.8 million of project developments have commenced in 2016, with $12.7 million focused on expanding and improving commercial and industrial facilities in the area.

A three bedroom house at 72 Hatchlands Drive, Deer Park (below) has been listed for sale for between $430,000 to $470,000.

Mill Park

OVERVIEW

Approx. distance from CBD: 19km

Median house price: $542,250

• 2 Bed Median Price $400,000

• 3 Bed Median Price $515,000

• 4+ Bed Median Price $600,000

The northern suburb of Mill Park is nestled amongst some of Melbourne's most promising suburbs.

Mill Park offers easy access to the Royal Melbourne Institute of Technology (Bundoora campus) and Mill Park Plaza.

The area is also serviced by bus and is only a short distance to train and tram stations.

Several projects are planned for the area including the Mill Park Community Pavilion aimed at improving facilities for sports, clubs and spectators for an estimated $2 million.

A three bedroom house at 11 Strickland Avenue, Mill Park (below) was sold for $556,500.