The calendar year is quickly coming to a close and buying activity will continue to push along in the lead up to Christmas.
Buyers looking to make purchases in sought after suburbs are still facing stiff competition in Melbourne. For those looking to purchase in the next six months or so, either prior to Christmas or in the first quarter of 2016, we recommend two suburbs in Melbourne that are on the move.
Newport
The inner west suburb in Melbourne sits north of sought after Williamstown. Occupying desired beachfront land, Williamstown is akin to eastern beachside suburbs such as Brighton, with a median price of a $1.1 million. Newport offers just as much with access to shopping, nearby schools, central train station, only 7kms from the CBD, and still only a few kilometres to the beach front.
The suburb has a healthy median house price of $850,000, and median unit price of $700,000 according to RIEV data.
There are industrial pockets of the suburb, with the Newport Power Station and fuel depots on the Yarra in the north east. However, buyers will find desirable pockets between Mason Street and Market Street, just a 10 minute walk to the train station and easy access to roads to the beach. Newport is also benefitting from the ripple effect of being between Yarraville to the north and Williamstown. As buyers who may be priced out of these popular suburbs, Newport offers a superb opportunity with comparable location, amenities, and lifestyle at a more affordable price point.
Preston
9kms from the Melbourne CBD and bordering trendy Thornbury to the south, Preston is an expansive suburb at 11 square kilometres. Offering the Northland Shopping Centre, abundant parks, ample public transport and selection of schools, the suburb is well serviced with regard to amenities.
Median prices in the suburb are strong, at $815,000 for houses, and $478,750 for units. In comparison, median prices in Thornbury are $95,000 higher.
What is interesting when looking at these prices is that Preston median house prices have moved up $95,000 since December of 2014. Thornbury median house prices have moved up approximately $40,000 in the same period, indicating that buyers are well on their way to looking into Preston as per RIEV stats.
Buyers looking for particularly sought after areas could seek property in the pocket between the south of Bell Street and Dundas Street. Still well serviced and that much closer to the CBD, this area is worth a look for prospective purchasers.