Outer west growth outstrips demand in Melbourne
Blocks of land in Melbourne’s outskirts are in high demand, with the city’s affordable western suburbs experiencing particularly strong land-price growth.
New data from the Urban Development Institute of Australia’s State and Land 2018 Report shows median lot prices in the city’s fringes rose by 29% to $304,000 in 2017, with the west’s Point Cook recording the highest average price of all growth areas at $461,000.
Melbourne’s consistent population growth was a key driver in the increase, particularly as demand for land in the city’s affordable outer suburbs outstrips supply.
The median price of a four-bedroom house in Caroline Springs rose 10.3% per cent to $717,000 for the last quarter alone.
With 7 of Melbourne’s western suburbs rating in the top 10 most affordable Regions such as Melton Shire and Wyndham City will continue to rise as those migrating to Melbourne seek accommodation options and spur on demand.
If you’re an investor or home-owner, rest assured that you should see capital growth on your property over the coming years.