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Custodian property expert James Fitzgerald says land prices in growth areas could double in less than a decade.
Property prices in several of Melbourne’s battler suburbs could more than double in fewer than 10 years.
Projections from property investment firm Custodian show populations in Melbourne’s outer east and north are set to soar by 2031, adding hundreds of thousands of dollars to suburbs like Clyde, Clyde North, Kalkallo, Rockbank, Wollert and Mickleham.
While homeowners who have already bought into growth regions are tipped for major windfalls in the near future, the next generation of first-home buyers could soon be priced out of the city’s currently most-affordable suburbs.
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Custodian property investment expert James Fitzgerald said land prices in these areas were likely to more than double in less than a decade, with house prices also expected to perform similarly.
This would see suburbs like Clyde North, with a current median house price of $720,000, and Kalkallo, where homes cost $650,000, both soar above $1m by 2031.
It comes after the Victorian government’s most recent housing statement indicated only 30 per cent of new homes would be delivered in growth areas, compared to 70 per cent in established areas.
17 Cavendish Ave, Clyde, could be yours for $720,000-$790,000.
3 Jackwood Drive, Clyde North, is for sale for $670,000-$720,000.
Burbank chief executive and Urban Development Institute of Australia Victorian director Tom Trevaskis said the state government would need to release more land if prices were to remain affordable in growth regions.
“We’re at record overseas migration and peak housing demand, so if there’s still a supply and demand imbalance (in 10 years), it puts pressure on prices,” Mr Trevaskis said.
However, he added that those who had recently bought in estates such as his firm’s Eliston development in Clyde would benefit from long-term price gains if land supply was limited.
Only Estate Agents Narre Warren director Khalid Sarwari, who sells houses and land in Clyde North, noted the area mostly comprised young families and first-home buyers looking for an affordable alternative to nearby Berwick.
In Wollert, 4 Shale Way is listed for $650,000-$700,000.
15 Forresters Rd, Donnybrook, has a $595,000-$625,000 price guide.
Nearby in Mickleham, 5 Ontario Pde is listed for $680,000-$725,000.
“Smaller estates will have tremendous growth over the next 10 years,” Mr Sarwari added.
“There’s 20 per cent more infrastructure being put in like restaurants, shopping centres, entertainment complexes and schools.”
Custodian’s investment hotspot report also highlighted that the Berwick Health and Education Precinct, set to be developed on a 122ha site and provide 11,000 new jobs, would likely contribute to Clyde North’s soaring population growth.
North of the CBD in suburbs like Kalkallo, Wollert and Mickleham, the transport and logistics sector is one of the biggest employers in the Hume region, contributing to its growing popularity.
Bombay Real Estate Wollert area manager Lana Trpkovski said her firm had sold 37 properties in the area in October and had seen a 100 per cent auction clearance rate in recent weeks.
“With new infrastructure coming up like schools and childcare, supermarkets and local shops, there’s no need (for buyers) to go to the inner suburbs now,” Ms Trpkovski said.
“Even buyers from the far north like Kilmore and Wallan are coming to these areas now.”
VICTORIAN SUBURBS TO INVEST IN NOW
Current median values – forecast median values 2031
Clyde North
Houses: $720,000 – $1.44m
Land: $430,000 – $860,000
Kalkallo
Houses: $650,000 – $1.3m
Land: $390,000 – $780,000
Plumpton
Houses: $715,000 – $1.43m
Land: $415,000 – $830,000
Rockbank
Houses: $625,000 – $1.25m
Land: $350,000 – $700,000
Wollert
Houses: $691,000 – $1.382m
Land: $420,000 – $840,000
VICTORIAN SUBURBS TO INVEST IN LONG TERM
Current median values – forecast median values 2031
Bulla
Houses: $670,000 – $1.34m
Land: $390,000 – $780,000
Clyde
Houses: $681,000 – $1.362m
Land: $440,000 – $880,000
Donnybrook
Houses: $660,500 – $1.321m
Land: $400,000 – $800,000
Mickleham
Houses: $676,000 – $1.352m
Land: $410,000 – $820,000
Mt Cottrell
Houses: $623,750 – $1,247,500
Land: $390,000 – $780,000
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emily.holgate@news.com.au
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