VICTORIA
STANDOUT LOCATION:
2 Mornington Peninsula:
The peninsula ended 2020 as Melbourne’s most vibrant market. It will continue to thrive as more people leave the inner city in search of lifestyle at affordable prices. The precinct has a good track record of growth and ultra-low vacancies and has a range of pricing through its suburbs, from $500,000 to $1.5 million.
2020 reviewed
City of Moreland: The well-located suburbs in Moreland LGA, a little north of the CBD, did remarkably amid the Covid restrictions, with places like Brunswick, Coburg, Glenroy and Pascoe Vale recording double-digit growth in median prices for both houses and units.
Melbourne had a lot to deal with in 2020, but it remains a strong and resilient city and we can expect it to revel in the postlockdown freedoms. Even with all the restrictions throughout much of 2020, it managed to deliver price growth in many suburbs. I expect 2021 to be a big year for the city’s market.
Lifestyle and infrastructure are the big drivers and the City of Monash is a good expression of both, offering great amenity at a relatively affordable price and boosts to come from expansions to its medical-educational precincts and the advancement of the Suburban Rail Loop.
Affordable areas, including the municipalities of Whittlesea, Hume, Brimbank and Casey, will see plenty of activity from first homebuyers.
Estates offering affordable land will be particularly busy.
Regional Victoria has been, for the past three years, the national leader of the trend that is seeing large numbers of people relocating from the big cities to the hill and sea change areas.
Geelong and Ballarat continue to be strong, and Bendigo is also rising, but the movement has rippled out to more distant regional centres such as Warrnambool, Mildura, Wangaratta, Wodonga and the towns of East Gippsland.