Victorian suburbs to watch in 2022

Herron Todd White (HTW) recently posted Monthly review for December 2021 has identified suburbs that are attractive options for those wishing to reside in developments that are an easy commute to work, close to local schools, and provide entertainment and leisure options.

Focusing on Victoria, the report says that “against many expert opinions and forecasts, the property market has flourished”.

The report cites record mortgage rates, greater savings due to lower travel and entertainment spending caused by the closures and an increase in demand for properties among the factors that have contributed to the rapid rise in property values of these suburbs over the past year.

melbourne

Melbourne’s Lush Neighborhood Camberwell was one of the Eastern Interior’s rising stars of the year. With a median house price topping $2.4 million in July 2021, it has carved out a place among the region’s top performers over the past year, according to Perron King, HTW’s director for Melbourne. .

Predicted as one of the best performers in the Southeast, Mr King said East Bentleigh had seen an increase in the median price of $1,264,680 in January 2021 to almost $1.4 million in July of the same year.

In the far north of Melbourne, mickleham, Donnybrook, Kalkallo, and Greenvale experienced significant growth over the past year. King cited August 2020-21 CoreLogic data showing median house price increases of 8.6%, 11.1%, 3.59% and 10.88%, respectively.

In addition, Mr. King suggested that these suburbs are likely to support this growth: Greenvale recorded a 9.1% increase in median house price for the September quarter, making it the 12th highest increase in all Greater Melbourne suburbs during this period.

Lifestyle, affordability and easy access to the Surf Coast, Bellarine Peninsula and Melbourne are key selling points that have kept the Geelong booming region, according to Mr. King.

Large plots of land and affordable apartments and townhouses attract buyers to the area, it Explain.

Mr King noted that these factors contributed to Geelong’s average median house price reaching $728,000 in the September quarter, up 4.7% from the previous quarter and 12.3% from the previous quarter. previous year, which likely helped Geelong land a spot in Victoria’s top 10 cities for growth.

Mildure

Jake Garraway, HTW’s appraiser for Mildura, told how agents were baffled by the overwhelming response from buyers to properties listed in the area. It is this influx of demand that pushed house prices 30% higher than their expected levels towards the second half of 2021.

Citing data from CoreLogic, Mr Garraway said the median price of a house in Mildura rose from $305,000 to $345,000 in the year ending August 2021.

He attributed the increase in demand to people moving to Mildura and investors looking for high rental returns. These market conditions force local buyers to compete at higher prices and act quickly, with days on market as short as two weeks.

Warrnambool

Jordan Mowbray, HTW’s expert for Warrnambool, said an optimistic outlook for growth in the coastal region, due to a “historically stable market environment”.

Home prices in the area range from $900,000 to $1.2 million. He singled out central Warrnambool as the place to watch, due to multiple increases in property prices, with no signs of slowing down.

Victorian suburbs to watch in 2022



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Last update: January 14, 2022

Posted: January 11, 2022