Affordable Melbourne suburbs written off as boring or with a bad reputation have been tipped as the big winners of the city’s next housing boom.
From Werribee in the city’s west to Bellfield in the north and Croydon in the east, areas that have rarely been near the top of shopping lists are poised for a lift as affordability and surging migration drives buyers their way.
With typical house prices below or close to Melbourne’s $914,000 median value, HockingStuart and Belle Property’s Victorian head Anthony Webb said these were the suburbs people would pick if they did a “blind taste test”.
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“The question we always get is where is the next hot spot, and most of the time we go with out gut and an area you know reasonably well,” Mr Webb said.
“But if you remove the name of the suburbs and their locations and just went based on the key things people are looking for when they buy a home, this is what you get.”
The five suburbs, which also include Bundoora and Pascoe Vale South, were selected based on features including recreational spaces, cafes, healthcare, transport and freeway access, as well as the quality of surrounding suburbs and local education from schools to universities.
Affordability was also heavily weighted, with Pascoe Vale South the only suburb with a median house price above $1m to make the list.
Mr Webb said places like Werribee were already showing signs of demand from new migrant communities, who were less likely to have preconceived notions about an area, and they were already seeing first-home buyers who couldn’t afford to live where they had grown up and were now buying the best home for their needs that they could afford.
“We want to move away from the stigmas associated with some of the suburbs,” Mr Webb said.
“And the cafes and the restaurants and even the quality of neighbouring suburbs will increase as these suburbs go to the next level.”
HockingStuart Werribee’s Justin Tong said the suburb’s reputation as the home of a sewerage treatment plant was erroneous, with the facility actually located in a neighbouring ‘burb — and the smell some motorists noticed on the freeway actually coming from fertiliser at Werribee South’s market farms.
“Most people have blindly overlooked part of all the western suburbs because they’ve had a negative stigma around them,” Mr Tong said.
“But it’s becoming more and more gentrified and it’s got affordable price tags.”
The agent said while getting a house in most part of Melbourne’s east was impossible for less than $1m, a four-bedroom, two-bathroom house could be bought in Werribee for $750,000.
With that affordability luring an increasing number of “upwardly mobile” families to the area, Mr Tong said it was poised for price rises and a new image in the near future.
HockingStuart Preston’s Joe Ledda said while Bellfield, between Ivanhoe and Heidelberg, had been a key part of Melbourne’s Olympics in 1956, it was easily overlooked as a bit boring and “the poor cousin that nobody really knows”.
“But it’s affordable and it’s surrounded by infrastructure and shopping centres,” Mr Ledda said.
And while Pascoe Vale South was another area many homebuyers wouldn’t know of as distinct from neighbouring Pascoe Vale, the agent added that it had good access to CityLink and other handy features that would make it increasingly appealing.
“That’s going to happen in Bellfield and Pascoe Vale South, and it could just be a local school doing well that’s needed to really put them on the map,” Mr Ledda said.
MELBOURNE’S BEST, BUT EASILY OVERLOOKED SUBURBS
WERRIBEE
Recreation: 5
Cafes: 3
Neighbouring suburbs: 3
Education: 4
Shops: 5
Healthcare: 5
Freeway access: 5
Public transport: 4
CBD proximity: 2
Median price: $620,000 (5)
Overall score: 41
CROYDON
Recreation: 5
Cafes: 3
Neighbouring suburbs: 4
Education: 4
Shops: 4
Healthcare: 4
Freeway access: 5
Public transport: 5
CBD proximity: 3
Median price: $910,000 (4)
Overall score: 40
BELLFIELD
Recreation: 4
Cafes: 2
Neighbouring suburbs: 4
Education: 4
Shops: 4
Healthcare: 5
Freeway access: 4
Public transport: 3
CBD proximity: 5
Median price: $940,000 (4)
Overall score: 39
BUNDOORA
Recreation: 5
Cafes: 3
Neighbouring suburbs: 2
Education: 5
Shops: 4
Healthcare: 4
Freeway access: 3
Public transport: 4
CBD proximity: 3
Median price: $855,000 (4)
Overall score: 37
PASCOE VALE SOUTH
Recreation: 2
Cafes: 2
Neighbouring suburbs: 5
Education: 4
Shops: 2
Healthcare: 3
Freeway access: 5
Public transport: 4
CBD proximity: 5
Median price: $1.17m (2)
Overall score: 34
Source: Belle Property, PropTrack (median prices)
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