Infrastructure plans shake up the north
With Melbourne’s population continuing to grow, buyers are surging to the north in search of affordable and spacious housing options. While accessibility to the CBD was previously a roadblock for many families, recent infrastructure announcements are making the move north more appealing.
To help ease this congestion in the north, the state government announced a number of updates to roads in the area as part of this year’s federal budget, including upgrades to O’Herns Rd and the Hume Freeway Interchange.
In addition, proposed developments to existing train infrastructure, such as extending the South Morang line to Epping North and the new Metro Tunnel Project, will support the area’s growing population, as will the proposed rapid bus transport system connecting the new population of Wollert to the CBD.
As a result of a number of completed and proposed transport upgrades, median house prices in the inner north have been rising steadily over the past year. For example, Reservoir has seen the median skyrocket to $768,000 – that’s 14% growth since 2016. To add, throughout August hockingstuart recorded a 76.4% clearance rate at our auctions in the north, above the city-wide average of 74%.
The past few years have seen some major changes in Melbourne’s north, but with dedicated funding for key infrastructure projects set aside, the property market is likely to keep booming too.