There's no denying the property market is pretty insane right now – have you seen how expensive it is to rent in Melbourne right now? But if you're lucky enough to be in a position to buy, we've got some info you may find useful.
Victoria is home to 20 of the nation’s 'Hot 100 suburbs to watch in 2024’, as deemed by Australia’s leading property experts at realestate.com. What locations are on the list, we hear you ask? It's a mixed bag of inner-city hubs, growing outer-suburban areas and regional hot spots, like Altona Meadows, Ferntree Gully, Mickleham, Watsonia and Rippleside (yeah, we had to look that one up).
Buyers agents, researchers, investors, agency leads and academics nominated suburbs across every state that they identified as having the best economic and local growth prospects in 2024 and beyond. These were based on several factors, including affordability, location, population growth, family appeal, amenities, investment prospects and infrastructure.
“Family friendly suburbs dominate, especially those with excellent access to schools, parks, and shopping precincts,” said PropTrack economist, Anne Flaherty. “Most of these suburbs also boast excellent transport infrastructure, whether that be access to road networks or public transport such as trains or buses.”
While the median house price in featured suburbs like Burwood and Cheltenham tops $1 million, you can still live in hot regional areas like Churchill, Delacombe and Ballarat East for under $525,000. A brand new urban renewal precinct was even included: Arden may not officially be a suburb just yet, but its proximity to the Metro Tunnel’s new Arden Station in the inner north means it has the potential to accommodate new residents.
Here are the hottest 20 Victorian suburbs to watch in 2024:
- Albion
- Altona Meadows
- Arden
- Ballarat East
- Belmont
- Berwick
- Burwood
- Carrum
- Cheltenham
- Churchill
- Croydon South
- Delacombe
- Ferntree Gully
- Mentone
- Mickleham
- Mooroolbark
- Murrumbeena
- Rippleside
- Thomastown
- Watsonia
You can read the full list of Hot 100 Suburbs here.