Shop­ping a draw­card

Herald Sun - Property - - SUBURB PROFILE -

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.”

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