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Market Wrap

Flexible workplace arrangements driving people to the east

With an increasing number of young people gravitating towards the outer reaches of Victoria to live for affordability reasons, more businesses are making it easier for people to manage their work arrangements.

Some businesses have set up satellite offices in outer suburbs, while others have implemented flexible working options such as allowing employees to work remotely from home.

Affordable commercial office spaces in the outer ring are also encouraging some businesses to leave the big smoke and move to the ‘burbs. The end result? Employees have increased flexibility; and traveling to work is more convenient for young professionals and parents.

This trend in the market is bringing additional changes in the eastern property market.

Notably, with more businesses and residents residing in the outer suburbs, we’re seeing a rise in shopping centre developments and infrastructure upgrades in Melbourne’s east, which in turn is helping boost property prices. Case in point is the recent developments in Knoxfield and the upgrade at Westfield Knox, which have been a key factor in the median price for a three-bedroom house rise to $795,000.

Berwick and Mooroolbark have had similar rises. With median house prices of $622,000 and $672,000 respectively, these suburbs have surged by over 9% and 10% respectively in the last year.

If you’re considering relocating to the outer east, keep in mind that there’s many more employment opportunities available which can make the move that much easier.

Market Wrap