25 August, 2016 / Category: News
Often referred to as ‘the sleeping giant’ of the Victorian real estate market, Melbourne’s western suburbs are truly a diamond in the rough. Turning your nose up at Footscray, Williamstown, Yarraville and Kensington? Best think again. Property investors are sometimes wary of buying outside of their areas of comfort and familiarity – which is understandable – but often at the cost of great property acquisition. In today’s Infolio blog, we discuss the benefits of purchasing affordable property in Melbourne’s (often undervalued) western suburbs.
Increasingly, homebuyers and investors are being pushed out of the suburbs they know best – particularly the inner south-eastern communities of Melbourne. Prices on premium inner-city locations are rising, and despite historically low interest rates, properties in these bluechip suburbs are simply becoming unaffordable to many. But all is not lost! As a consequence, savvy investors are heading to Melbourne’s north and north-west for affordable properties which offer great proximity to the city and amenities at reasonable prices. And it’s not just baysiders who are heeding the siren call of the west: those who live in Melbourne’s affluent inner-northern suburbs who require family-sized accommodation are also being priced out of their communities and looking somewhere over the Westgate.
Although the west is known for its recent industrial past, it represents a truly diverse – and giant – portion of Melbourne featuring a variety of architectural styles and charming village communities. Choice pockets to purchase property include quaint Footscray West and Yarraville which enjoy beautiful tree-lined streets and heritage properties in the style of Edwardian residences, Victorian single-fronters and Californian bungalows. Don’t forget to explore Fawkner, Pascoe Vale and Pascoe Vale South, Coburg and Kensington – all neighbouring locations which offer that magic combination of CBD proximity and fair pricing. More than property – Melbourne’s west has a thriving cafe culture, in addition to beautiful beaches, parks, the Maribyrnong River and iconic Footscray Market. Quickly becoming competitive, homeowners of the west are swiftly investing capital into renovating their residences – which in turn increases the street appeal of neighbourhoods and bolsters property prices. Don’t wait too long to educate yourself on the wonders of the west – why not go for a daytrip this weekend?
Reasons to Go West