Suburbs with the greatest price growth
The residential greenfield land sector witnessed sales volumes increase due to the announcement of the Homebuilder Scheme. However prices have remained subdued and are now, the most affordable it has been since early 2018.
So which areas performed the best when it comes to price growth? Lets’ find out which suburbs witnessed the greatest price growth in the last 12 months, despite the dampening economic situation.
The typical winners have been in areas with increased stock over the past 12 months, including Deanside with over 5 active projects and Rockbank with over 7 projects in the Melton region. Clyde North in the City of Casey has continued to be a stand out and well sought after in second place with over 10% YoY price growth.
Other notable mentions include Pakenham whom have mainteined steady price growth due to scarcity of land, Craigieburn with the Highlands project continuing its high sales volumnes. Greenvale with over 6 active proejcts and benefitting from its close proximity to major artirials and the Melbourne CBD.
Armstrong Creek in Greater Geelong, which includes the suburbs of Mt Duneed and Charlemont, continues to attract all buyer types to its flourishing community.
When considering the median land prices, Greenvale has the highest with a median land price of $415,000, followed by Craigieburn and Clyde North with a median land price above $370,000. Deanside and Pakenham follow with a median land price of $350,000 and $355,750 respectively.
The most affordable of the top 8 include Armstrong Creek and Rockbank with a median land price of $285,000 and $298,000. It is no wonder we have seen substantial expansion and attraction from first home buyers and investors to these areas.
This is truly the best time to buy, with land affordability at its highest. This is an ideal time for first home buyers to stop renting or to make their first purchase with the government grants and stimulus an added bonus.
Red23 represents communities in these areas, to learn more, visit Our Communities.
07 December, 2020