Suburb back on buyers’ radar
A NEW generation of homebuyers is moving in to a suburbs once considered underdog areas.
Grovedale is traditionally the most affordable spot south of the river as buyers preferred properties closer to the river and views in Belmont or Highton.
But with rapid urban development pushing the city’s southern boundary to Mt Duneed, Grovedale is moving to the centre of the radar for young buyers seizing their chance to get closer to the action for a fair price.
The opportunity comes as new CoreLogic figures show Grovedale emerging as a property hot spot with annual price growth approaching 10 per cent.
Turnover in Grovedale was above the average for the past five years, with 250 houses selling in 12 months to February 2018.
Hayeswinckle, Highton agent Michelle Winckle said long-time residents were capitalising on price growth to upgrade from their 1980s-era houses.
Grovedale’s median house price hit $442,000 this year, rising 9.2 per cent over 12 months, or 29 per cent over five.
“A lot of the homes in Grovedale are three bedrooms, one bathroom in the older areas from the 1980s.
“They are smaller homes so they are often upsizing into Highton or Wandana Heights for something bigger,” Ms Winckle said.
“Others are buying and building in Mt Duneed. They want to have that experience because they’re getting more for their money now in Grovedale so they can afford to do that.”
But Ms Winckle said demand still outnumbered the number of properties on the market.
“People want to be in that older area, they want to be within walking distance (of the local schools, shops and parks).
“With Mt Duneed and Armstrong Creek growing out, Grovedale is now more an inner suburb and they want to be in that circle.”