The real estate market in Victoria’s capital city recorded a most significant decline from their pandemic lockdowns, and that has many investors wondering about what growth suburbs in Melbourne are now.
Indeed, the Melbourne property market went down by almost 7.1% cumulatively after its 2020 and 2021 boom. But, some remaining Melbourne locations are still suitable for investing.
These Melbourne suburbs show good signs indicating the property market is not going down further. On the contrary, experts are saying that the prices could rise by 6% at the end of 2024.
Now is an excellent time to access the few suburbs attracting steady demand. And investing in property here is worth it because prices can go up in the near future, even in the worst suburbs in Melbourne. Although a few inner-city suburbs and middle-ring suburbs are still facing a decline in the unit market, the trends look good generally. And, Melbourne has many safe suburbs, making it a consistent choice for living.
So, whether you’re looking to invest in Melbourne real estate, or looking for the best place to invest in Australia, we’ve got you covered. Let’s get into the 2023 growth suburbs in Melbourne, the major emerging trends, and the path to property investment success.
Recommended Reading: The Most Undervalued Suburbs in Melbourne This Year
Top Growth Suburbs in Melbourne
- Forest Hill
- Rosebud
- Mount Evelyn
- Clyde North
- Caroline Springs
- Malvern
- Fraser Rise
- Sunbury
- North Melbourne
9. North Melbourne
- Median House Price: $1,315,000
- Median Apartment Price: $535,000
The inner-city unit markets in North Melbourne have eventually become an emerging national trend for a particular reason. Apart from major corporate parks, North Melbourne lies close to the Melbourne CBD and major university campuses.
The best part about this place is the affordable apartments. Apart from that, this place is home to a major shopping centre, so residents don’t need to look far for fun.
Check out more properties for sale in North Melbourne.
8. Sunbury
- Median price: $650,000
Sunbury’s outer northwestern suburb has a promising future with a train station on the Bendigo line. This is the right place to secure investment property as it is an affordable sector, keeping in mind the small-town facilities that come with it.
Sunbury is the best place in Melbourne’s north and has a prominent shopping centre, several parks and universities, and golf courses. The population of Sunbury is no less than a major regional city.
Check out more properties for sale in Sunbury.
7. Fraser Rise
- Median House Price: $730,000
The Queen Victoria police training academy and the Melbourne Cricket Ground are notable attractions in Fraser Rise. This is quite a busy suburb, and the town centre is home to several malls and apartments.
The secondary school is also in Fraser Rise. If you think that a thriving suburb cannot contribute to capital growth, living in Fraser Rise can be the experience to prove you wrong. This place is also ideal for first-home buyers.
Check out more properties for sale in Fraser Rise.
6. Malvern
- Median Unit Price: $852,500
- Median House Price: $3,310,500
Malvern is home to several government schools and maintains consistent buyer activity. The house prices in Malvern are tremendous, and the interest rates are not as much as compared to other eastern suburbs.
The city’s median price dropped in the past year. But the price decline is temporary and is rising slowly and steadily. We also expect the unit market to rise within the period of six months.
Check out more properties for sale in Malvern.
5. Caroline Springs
- Median Price: $735,000
Home to a large number of Australians, Caroline Springs is no less than a master suburb. The apartment trend here is extraordinary, and almost all sorts of facilities are available.
The large population makes the sale activity rise by a few digits, and the steady prices are also a reason for this suburb’s popularity. Caroline Springs also has a train station, several parks, and schools, making it excellent for people looking for the best residential housing.
Check out more properties for sale in Caroline Springs.
4. Clyde North
- Median House Price: $750,000
Clyde North is one of the northern suburbs where unit prices are much more affordable than any suburb. Not only do several government and private schools reside in this suburb, but shopping malls and parks are also there to add to its demand.
The house packages at Clyde North are much better as it is almost a residential suburb, and very few markets exist here.
Check out more properties for sale in Clyde North.
3. Mount Evelyn
- Median House Price: $900,000
A suburb at a distance of a few kilometres from the central business district, Mount Evelyn is the perfect family residential suburb. And if you love nature, we assure you’ll love this place more.
Apart from fantastic buildings, there are a few schools in this area, and the hiking tracks are also legit. The architecture of Mount Evelyn is neither too old nor too advanced, and the view is great from almost all locations in this area.
Check out more properties for sale in Mount Evelyn.
2. Rosebud
- Median Unit Price: $717,500
- Median House Price: $896,500
Rosebud is a south suburb of Melbourne that is the favourite place of many people when it comes to holidays. It is also great for fishing, as many residents use their free time for this activity.
As for the property, units are at a much better price and demand than houses. But looking at the records, the house sale is at a better rate than the unit sale. However, the current situation has brought many changes, and the shift in demand is one of them.
Check out more properties for sale in Rosebud.
1. Forest Hill
- Median Unit Price: $755,00
- Median House Price: $1,205,000
The best place you look at is Forest Hill. It lies in the middle of Melbourne. Being a busy place, the demand for property in Forest Hill is unquestionable. Unlike other suburbs, Forest Hill did not experience the same drastic decline in demand and prices.
Currently, the median house price is slightly above one million dollars. The reason for the demand for this suburb is its location, but the excellent maintenance is also a specific reason for it.
The retail options are great, and the schooling and green areas also add a bit of spice to the demand.
Check out more properties for sale in Forest Hill.
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