Hoppers Crossing, where 1/17 Eleanor Drive is for sale, has been named as one of the suburbs next to boom.
Melbourne’s property market has stormed into 2022 with almost 80 per cent of suburbs still showing rising sales activity, despite two years plagued by lockdowns.
Suburbs in the city’s north and west, as well as on the outer fringe, are poised to see some of the biggest price growth.
A total of 229 suburbs have increasing sales numbers, according to Hotspotting’s latest Autumn Price Predictor Index.
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Parkdale, where 28 Davey St is for sale for $1.3m, is tipped to boom in coming months.
The four-bedroom house on 435sq m has a central location and backyard.
That figure is the highest number recorded in the seven years property expert Terry Ryder has been releasing the report, and the equal highest ratio in the country — on par with Darwin.
All six suburbs in the City of Darebin, and Moonee Valley’s nine suburbs are among those deemed rising, while 10 out of 11 of those in the Banyule local government area are also experiencing a surge.
Mr Ryder uses sales activity as a means of predicting a suburb’s future growth, before prices increase.
The property guru predicted affordably priced haunts including Hoppers Crossing, which saw a whopping 235 sales in the last quarter, Greenvale (118 sales) and Meadow Heights (74) would be among the spots next to experience a price boom.
“It shows that people are inevitably chasing affordability, which has become harder and harder in Melbourne,” Mr Ryder said.
“We have seen a big uplift in the outer areas that offer that affordability. And also the modern trend of working remotely — at least for part of the week — means that the need to be closer in is less immediate for less and less people.”
Parkdale, which recorded 110 sales in the last three months, Balwyn (115), Blackburn (129) and Brunswick (225) were also poised to skyrocket, according to the report.
102 Rokewood Crescent, Meadow Heights, is on the market for $510,000-$561,000.
8/9 Palmyra Street, Greenvale, is for sale for $580,000 $620,000.
Ray White Cheltenham director Kevin Chokshi said Parkdale was “underrated and underpriced” for what it offers.
“It’s close to the city, close to the beach and (good) schools, which obviously brings people to these areas,” Mr Chokshi said.
“The next logical step, if you can’t afford Brighton or Hampton, is to come further out. “There’s definitely an explosion coming.”
Ray White Bundoora agent Walter Orlandi said suburbs within Darebin’s reach, including Reservoir, had seen an influx in buyers branching out from areas closer in.
He said many househunters had previously rented in pockets like Brunswick, but couldn’t afford to buy in such suburbs, forcing them further out.
“I think people have realised the potential suburbs like Reservoir have,” Mr Orlandi said.
“It’s become very popular and the price tag (is reasonable).”
The agent said the market was “very strong” with a high clearance rate and increasing listings.
“I think people are taking confidence in what is happening now because there is a certainty in seeing for yourself that the market is strong,” he added.
The quarterly report also found the top end of the market remained buoyant, with the majority of suburbs in Glen Eira, Boroondara, Stonnington and Bayside LGAs still in high demand.
Mr Ryder tipped parts of Melbourne would see growth above that recorded in 2021 this year.
He cited the opening of Victoria’s international borders as well as major infrastructure and economic projects as “major influences” for the 2022 market.
TERRY RYDER’S TOP SUBURBS LIKELY TO BOOM
Albert Park — $2.170m median, 73 sales in the last quarter
Balwyn — $2.605m, 115 sales
Blackburn — $1.555m, 129 sales
Brunswick — $1.28m, 225 sales
Dandenong North — $695,000, 122 sales
Greenvale — $800,000, 118 sales
Hoppers Crossing — $575,000, 235 sales
Meadow Heights — $540,000, 74 sales
Parkdale — $1.41m, 110 sales
Sydenham — $670,000, 54 sales
Wheelers Hill — $1.335m, 90 sales
Figures are based on a significant uplift in sales activity, which is likely to lead to major price growth.
Source: Hotspotting’s Autumn Price Predictor Index
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