Northern Suburbs Popularity in Demand
Yes, Melbourne’s Northern Suburbs are continuing to strengthen with demand rising in areas which was once never looked upon as an investment opportunity.
The Northern Suburbs have become extremely popular for first home buyers, but is now being further strengthened by many investors now pushing heavily into the north maximising opportunities with land development for residential lots, townhouses and yes even apartment buildings.
Melbourne’s northern suburbs are absorbing thousands of new homes within existing streets, while large swaths of “green leafy” postcodes in Melbourne’s inner east are being shielded from densification.
South-Eastern councils which included Boroondara, Bayside, Glen Eira and Whitehorse are not fully supporting developments and is evident by implementing restrictive “neighbourhood” zones which bans medium-density developments.
Boroondara Council: which encompasses the suburbs of Camberwell and Kew, has restricted housing growth in 76 per cent of its municipality and applied a growth zone allowing townhouses and apartments to just 1 per cent; and in nearby Glen Eira, 80 per cent of land is allocated to the restricted growth zone.
Research is indicating and predicting that the population of the eastern subregion (which includes suburbs like Ashburton and Camberwell) to fall by almost 4 per cent by 2031 in proportion to other areas in particular the suburbs like, Epping, Wollert, Donnybrook, Whittlesea, Craigieburn which have allocated and pushing for more land for development of small residential lots for housing.
The northern region will expand by about 400,000 people to almost 1.3 million by 2031, while the industrial western suburbs will soak up an extra 362,000 – bringing its share of the metropolitan population to 18.5 per cent.
About 66,000 dwellings were approved in Victoria last financial year, an increase from an average of 41,000 in the 2000s. By 2051 it’s forecast another 3.3 million people will call Melbourne home, while regional areas can expect 800,000 new residents.
Companies such as Mirvac, Dennis Group, Stockland together with Property Subdivision Corporation Aust. (PSCA) have land banked heavily in the Northern Region all with the view of feeding the demand that is continually increasing heavily.
PSCA have many opportunities for buyers and investors seeking to take advantage of such opportunity early with potential return on such investments.