INVESTORS in search of properties that will deliver high capital growth in the years ahead may find a safe bet on the outskirts of Melbourne.
These regions accounted for the bulk of high growth property markets inHotspotting.com.au’s latest Top 10 Best Buys report, which forecasts the 10 best locations for property investors seeking capital growth.
The Epping region in the north, Sunshine in the west and the City of Casey in the south-east are the prime investment locations in Victoria identified in the report as hot property investment prospects.
The report said each location had “identifiable drivers of demand for real estate, which will place pressure on prices and rents … we expect them to show growth not only in 2016 but well beyond.”
The Epping region, on the northern fringe of Melbourne, is due a number of improvements that are likely to bring new people to the suburb and boost property prices, Hotspotting said.
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These include the upgrade of the Western Ring Road, further expansion of commuter train services in the region and the relocation of Melbourne’s fruit and vegetable markets to Epping.
There is also a new business park in development at Mickleham, which will create 20,000 jobs.
Sunshine and surrounds are destined to become a major regional hub within the Melbourne metropolitan area, the report said.
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Extensive investment in infrastructure and amenities will drive demand for property and pull up prices, it said.
CITY OF CASEY
The property market in the City of Casey, in Melbourne’s south-east, has been growing, with many suburbs attracting rising sales activity.
The area’s rising population demands new housing estates and the State Government’s long-term planning document – Plan Melbourne – has identified several suburbs in Casey to play a major role in service delivery and creating employment.
An upturn in commercial development activity began in 2015 with five major projects creating 3,730 new jobs. The planned Berwick Health, Innovation and Education Precinct is expected to provide an additional 9,000 new jobs.
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THE REST OF THE TOP 10:
Logan, Qld: Logan City combines affordable property, good infrastructure and proximity to job hubs, the report said. Many of the region’s older suburbs have been revitalised through urban renewal projects and Logan is already one of the fastest growing municipalities in Australia, with a new $4 billion masterplanned housing development on the way.
Gold Coast, Qld: The 2018 Commonwealth Games is providing an added boost to the already growing region. Ongoing projects include the $150 million light rail network project and a $42 million aquatic centre, creating 15,000 jobs over the next year and boosting the population by an estimated 133,800 in the next decade.
Moreton Bay, Qld: The region offers affordable housing as well as good rail and road links to Brisbane and the Sunshine Coast, making it a strategically placed property market.
Sunshine Coast, Qld: Billions of dollars in service upgrades, including the development of a $5 billion medical hub, are driving an influx of new jobs to the area, in the process, boosting demand for housing.
Wagga Wagga, NSW: The high number of first-home buyers taking advantage of affordable properties in the area bodes well for Wagga Wagga’s capital growth prospects, the Hotspotting report said. Army and air force bases are expanding in the area, while education, health and other community services are being upgraded.
Ipswich, Qld: A report by the Department of Infrastructure and Transport forecast 56,000 jobs will be created in Ipswich’s central suburbs by 2026. The jobs growth, coupled with affordable prices, will fuel demand for housing, Hotspotting said.
Hobart, Tas: Tasmania’s economy is rising on the back of big improvements in tourism and business investment after years of lacklustre economic activity. The property market has started to respond, with sales activity steadily improving since 2012.
No property markets in South Australia, Western Australia or the ACT made the cut in the report.