Melbourne’s property market is constantly evolving, and spotting the right suburbs at the right time can be crucial. Some Melbourne suburbs are currently at the bottom of the market, showing signs of a significant growth phase. In this blog, we’ll explore two such high-growth Melbourne suburbs to look out for: Officer and Burwood.
Officer: A Suburb on the Verge of Growth
Officer, located southeast of Melbourne CBD, is one of the high-growth Melbourne suburbs to look out for. About an hour from the city centre, this suburb lies within a growth corridor showing immense potential.
The typical buying price in Officer is around $800,000, with a rental yield of 3%. Although it has been stagnant for the last couple of years, there has been a recent uptick in prices. If this trend continues, Officer could enter a boom phase lasting two to three years.
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Burwood: The Affluent Area Primed for Growth
Burwood, located east of Melbourne CBD, is another high-growth Melbourne suburb to look out for. This more affluent area is popular with homebuyers.
The typical buying price in Burwood is nearly $1.5 million. Over the past two and a half years, property prices have stagnated due to inflation. However, recent data suggests Burwood is entering a growth phase. The small yet notable increase in prices indicates potential for two to three years of growth.
Burwood’s appeal lies in its low supply of properties. The stock on the market is just 4%, meaning little supply to meet demand. This tight supply is further evidenced by the short time—about a month—it takes to sell a property in Burwood. With minimal new builds expected, prices are set to rise, making Burwood an attractive investment.
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In conclusion, both Officer and Burwood are high-growth Melbourne suburbs to look out for. Although different in location and price range, both are at the beginning of a growth phase.
For investors and homebuyers, it’s essential to monitor these markets closely over the next few months. Indicators suggest growth, especially as interest rates are expected to decline into 2025.
By keeping a close watch on these high-growth Melbourne suburbs, you could be positioning yourself for success in Melbourne’s ever-changing property market.