If you have not been paying attention to the property market, you may have missed the boom in Melbourne. Developers are snapping up prime Greenfield real estate on the outskirts of the city that has resulted in significant growth, spatially if not density, for Greater Melbourne. Worth watching are the growth or ‘interface’ councils such as Cardinia, Casey, Hume, Melton, Mitchell, Whittlesea and Wyndham – consistent with the Plan Melbourne 2017-2050’s 63 proposed Precincts – some of which are already thriving new communities. https://vpa.vic.gov.au
For many homeowners, moving to an area that is completely new in every respect is an attractive prospect. One of the major benefits of these newly established, master-planned, Greenfield estates is enabling greater access to more affordable housing. Houspect Victoria can provide an independent building inspection for those in the process of building or buying a new home.
Whilst buying early into these new estates may offer advantages on location choices and price, you may have to wait some time for infrastructure and amenities to arrive, such as schools, shops, public transport, etc. Although plans for these may be in place, allocation of government funding (at all three levels) for implementation, primarily relies on appropriate numbers of residents being met, rendering these new suburbs car-dependent for the first few years at least.
The booming urban growth is a welcoming prospect to many new homeowners, too. Moving into a neighbourhood away from family and friends may be an easier adjustment when you know everyone is in the same boat. Families of all sizes find it much easier to integrate socially when everyone is new to the area, although estates are designed to suit a range of homeowners, with a more diverse demographic mix at different stages of life. It can actually be a great opportunity to create new social networks.
Growing communities create micro-economies, as new communities emerge, so too, do businesses that supply the community’s needs. Melbourne’s growth presents immediate opportunities in new town centres, for small business enterprises and mixed-use shops, plus future opportunities for designated industrial or innovation hubs to be established. The current urban expansion in Melbourne all but ensures future job growth, so long as the demand for homes and infrastructure continues.
One of the major attractions of new communities for homeowners is job opportunities. Having access to a reliable job market is always a major factor for consideration when it comes to purchasing a home. It’s no secret that most of us would prefer to work close to home and family, so businesses providing supplies and services – such as supermarkets and fuel stations – to new communities, is just good business sense, with easy access to a willing and able local workforce.
Attitudes towards redevelopment and density increases in the urban middle ring are changing. Recent property sales have seen consolidation of land parcels by ‘neighbourhood consortiums’ creating larger parcels of land for sale and redevelopment in these areas. People wishing to downsize to properties more suitable for their life stage, also wish to stay in a familiar surroundings, amongst family and friends, with all the facilities they require. Many would like to see these Greyfield sites redeveloped as coordinated precincts rather than the current trend for infill development (demolish and develop) style, which still has strong resistance or NIMBYism (Not In My Back Yard) by residents.
Brownfield sites – old inner-city industrial sites no longer being used – have been identified for urban renewal, pegged for respectful redevelopment utilising the site’s original purpose and heritage, making a feature out of existing buildings and infrastructure and creating opportunities to increase Melbourne’s green space and liveability.
Being within reasonable commuting distance to Melbourne and with their more affordable housing and appealing lifestyle options than those available in Melbourne, make our regional cities a possible consideration. Upgrades to regional train lines are rendering Ballarat, Bendigo, Geelong and Warragul as attractive propositions for homebuyers. As well as being available across metropolitan Melbourne, Houspect Victoria Building Inspectors are available in Greater Geelong, Mornington and Bellarine Peninsulas, Ballarat, Bendigo and the other main regional areas in Victoria. To find your local inspector, click here.
Having a commuting distance around one hour by train to Melbourne, means demand is ramping up for homes in suburbs located close to the regional train stations. These are the suburbs to watch. Whilst train line upgrades may cause some travel delays, in the long run, any improvements will make it a better experience for commuters.
While urban growth is usually good news for those looking for affordable housing, it is important to proceed with caution when shopping for properties. Many developers seek to exploit the boom by mass-producing properties that are not up to standard. Know what to look for and where to seek independent professional advice if you need it.
Whether you are considering buying, building or developing a property in one of Victoria’s up and coming areas, be fully informed before you take that step and sign on the dotted line. Houspect Victoria can provide for all your inspection needs with our team of fully independent building inspectors and a complete range of inspection services, including Pre-Purchase, Stage Construction, Handover, Renovation, Dilapidation inspection reports and more, suitable for both domestic and commercial clientele.