Big­ger blocks a draw

Herald Sun - Property - - SUBURB PROFILE -

FAM­I­LIES are flock­ing to the fast-grow­ing sub­urb of Narre War­ren, where mums and dads can find a large house that won’t break the bank.

Af­ford­abil­ity con­tin­ues to drive the pop­u­lar­ity of the outer south­east­ern sub­urb, with a me­dian house price of $430,000.

O’Brien, Narre War­ren, direc­tor Fabian Vil­lella said it was be­com­ing quite a big town, with a range of top-notch ameni­ties for fam­i­lies.

The re­cently ex­panded West­field Foun­tain Gate shop­ping cen­tre was a big ticket for the area, along­side plenty of schools, open spa­ces and parks.

But Mr Vil­lella said the es­tab­lished sub­urb, lo­cated about 40km south­east of Melbourne, was still ac­ces­si­ble to com­muters via the Pak­en­ham train line or the Monash Free­way.

“You’re only a 35-minute run into the CBD,” he said.

“It has a coun­try and ru­ral feel, but it’s still close enough to the city.”

Larger land sizes around Narre War­ren have also been help­ing the es­tab­lished sub­urb com­pete with af­ford­ably-priced new es­tates.

Mr Vil­lella said land sizes were shrink­ing through­out many of Melbourne’s new es­tates, so buy­ers that wanted larger blocks were turn­ing to the area.

House prices in the sprawl­ing sub­urb pow­ered ahead last year, grow­ing 11.5 per cent for the year to Jan­uary with a high turnover of sales.

“It’s still af­ford­able liv­ing and we’re see­ing a mix­ture of peo­ple com­ing into the area,” Mr Vil­lella said.

Owner oc­cu­piers are the main play­ers in the Narre War­ren mar­ket, whether first­time buy­ers or ex­ist­ing own­ers.

How­ever, in­vestors are also at­tracted to the area due to the lower prices, while de­vel­op­ers have been snap­ping up large plots.

Mr Vil­lella said the unit and town­house mar­ket was very strong in cen­tral Narre War­ren, as buy­ers traded space to be closer to the area’s sought-af­ter ameni­ties.

It’s also a sales hot spot, with 411 houses sell­ing in the past year and an­other 415 houses sell­ing in neigh­bour­ing Narre War­ren South.


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