Here's a Few Property Hot Spots in Victoria From Finance Funding
Smart investors have unlocked the door on growing wealth through property investment. Nowadays, it seems the whole of Australia is talking property, from the dinner table to the hardware store, everyone has an opinion on the state of the property market. Property owners want to see prices rise while those watching from the sidelines are ever-hopeful that the market will fall.
In Victoria, eyes are always on the lookout for the next property hotspots. Certain attributes appear ever-green and areas such as Toorak and St Kilda retain their traditional appeal. Other factors can fluctuate and influence property prices such as:
Jobs: A new hospital or similarly large potential employer can boost the demand for housing in an area.
Gentrification: Improvements may be visual or in infrastructure and services.
Trends: It may be gardening or pets driving backyard bliss, or the low-maintenance alternative seeing apartment living soar; an education boom may see growth in suburbs offering housing options that suit students, while fluctuations in immigration may affect certain pockets.
Lifestyle: When times are good, coastal areas may boom. New dining and cultural attractions can also turn up the heat on a suburb’s appeal.
Current hotspots
Bendigo: The above factors have combined to put Bendigo in the spotlight. With a tight rental vacancy rate, Bendigo offers higher rental yields than Melbourne, solid appreciation and a more affordable median house price. Improvements in the roads has facilitated access to Melbourne and $630 million is going into the hospital project.
Mentone: RP Data has predicted Mentone will be a performer given it offers a waterfront location only 21 kilometres from Melbourne CBD.
Laverton and Box Hill: Australia Property Monitors have gone with relative affordability and headed west to mark Laverton for performance when it comes to houses. For apartments they chose Box Hill, 14 kilometres east of the city.
To finance your next loan, contact the experts at Finance Funding Australia on 03 9988 9183.
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