Shopping a drawcard
THERE couldn’t be a better example of a two-tiered property market than Doncaster.
A snapshot of price data, according to CoreLogic RP Data, shows houses shot into the million-dollar bracket in 2015 on the back of 26 per cent annual price growth.
At the same time, prices in Doncaster’s apartment market were calm during 2015, actually softening .4 per cent.
But dwelling prices only paint part of the picture about Doncaster’s real estate market.
Ray White, Manningham, director Frank Perri said the growth in Doncaster’s apartment market was measured in the number of new dwellings constructed and on the drawing board.
“There has been a tremendous amount of development in and around Doncaster Hill, particularly around Westfield Doncaster.”
Doncaster was Westfield’s first foray into Victoria in 1969 and the shopping centre continues to dominate reasons why demand in the suburb is strong.
“The amount of apartment buildings that are rising out of the ground and approvals has really made it a busy hub and retail and entertainment precinct,” Mr Perri said.
“On the back of the infrastructure of Westfield Doncaster and the easy proximity to the Eastern Freeway and the very good schools and parkland have given people confidence.”
Mr Perri said the shopping centre has been a drawcard to the suburb for decades.
While Doncaster’s real estate market traditionally enjoys high demand, Mr Perri said the strong price growth can’t be put down to the impact of the price ripple effect alone.
“It’s always been a very highly sought-after area to live and raise a family and now is more so because of the tremendous amount of investment,” he said.
“But Doncaster provides great value to people that are priced out of Boroondara, particularly North Balwyn, which represents the same access that people are looking for but is on the other side of the Eastern Freeway.”