Bigger blocks a draw
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.