Many Melbourne suburbs offer a wealth of potential for property developers, making it difficult to narrow down the contenders to a top few.
Below, we’ve profiled five of Melbourne’s most popular suburbs.
As you can tell, these top-searched neighbourhoods on Development Ready’s portal are quite unique from one another, varying (often drastically) in median house prices, rental income, demographics, and neighbourhood offerings.
Hawthorn
This traditional suburb just 7 kilometres from Melbourne is the number one most searched suburb on Development Ready’s search portal.
Despite an increase in property developments throughout the suburb, Hawthorn has managed to retain much of the charm that draws people to the area. Tree-lined groves and majestic Victorian estates now increasingly share land with upscale boutique apartment blocks popular among empty nesters, as well as singles.
A big drawcard to the area is Hawthorn’s proximity to Swinburne and the Melbourne University Hawthorn campus, along with some of the city’s best schools (Scotch College, Melbourne Grammar, Lauriston, Xavier, Trinity and Carey, among others).
With a population of some 21,000, over half of whom rent, Hawthorn’s popularity shows a strong need for increased supply to meet the demands of affordable housing.
Doncaster East
Many property developers have turned their attention to Doncaster East as one of Melbourne’s most promising up-and-coming suburbs.
Just a 30-minute drive to the CBD straight up Eastlink, Doncaster East is renowned for its many parks, reserves and native bushland. Sports and recreation are big here, thanks to the abundance of sports grounds and walking tracks.
It’s a comparatively young Melbourne suburb, only developed in the 1970s and 80s. Today, more than 75% of the suburb is comprised of separate dwellings.
But this is fast changing as older residents move out. Over the past 5 years, swathes of land have been redeveloped with apartment complexes. Today, almost 400 apartments are under construction, with another 500 registered.
Pascoe Vale and Pascoe Vale South
Located a little more than 10 kilometres from the Melbourne CBD, Pascoe Vale and its southern neighbour are starting to attract the attention of serious property developers and aspiring homeowners.
These once undervalued suburbs have experienced a huge surge in popularity ever since median property prices almost doubled between 2008 and 2016.
And it’s no wonder. Pascoe Vale boasts close proximity to almost all Melbourne’s major freeways, and has fantastic green spaces, including Cole Reserve and Gavin Park. Its location between DFO Essendon and Coburg’s more upmarket shopping strips provides a strong allure to the active, younger demographic.
Meanwhile, Pascoe Vale South’s more modern architecture and its accessibility to the renowned Strathmore Secondary College makes it an equally attractive option.
Almost 130 apartments have been submitted for assessment, while new properties on the market attract almost 1300 visits per property. With no apartment complexes yet under construction, now is a good time to sell your project, as there’s minimal sales competition.
Point Cook
Although it’s predominantly known for the RAAF Base Williams, Point Cook is starting to establish itself as a family-friendly suburb renowned for its spacious, lakeside living. More than 90% of the homes are separate dwellings.
A true new kid on the block, Point Cook is predominantly made of up family-friendly, designer housing estates complete with modernist homes fitted out with all the mod-cons – and many with lake views too.
While it’s ideal for families, with plenty of schools in the area, Point Cook is also a popular neighbourhood for maturing and established couples looking for a resort lifestyle.
The spacious living is a huge drawcard for those moving into the area, with golf courses, Altona Beach, coastal parks and marinas all nearby. Yet the suburb is also just 26 kilometres from the CBD, straight down the freeway.
This new, yet promising suburb is constantly evolving and growing, giving it fantastic potential for new housing developments.
Frankston
Ideally situated on the outer fringe of Melbourne, as the gateway to the Mornington Peninsula, Frankston is often overlooked as a property development gem. This is starting to change, with property developers increasingly looking at available land in the area for property developments.
Frankston foreshore proves the strongest drawcard to the area. Here, residents can enjoy the foreshore boardwalk, themed playground, restaurants, tourism facilities and the iconic pier. Beyond that, it’s untouched natural foreshore for a beach setting unparalleled in Melbourne.
Young families, drawn to the area for the beachside living, have a large selection of primary schools to choose from, while older students can attend one of the state’s most successful schools, Frankston High School.
Getting around is no issue, with Frankston proving a huge public transport hub. Several bus routes terminate or pass through Frankston, while the Frankston train line terminates in the town centre.
If you want to learn more about these up-and-coming suburbs, be sure to download our full report on Melbourne’s most searched suburbs.
