Growth areas
Chances are you've probably heard about Melbourne 2030, right? So, what does it really mean for the future of Melbourne and more importantly, what does it mean to you?
It is believed that over the next thirty years Melbourne will grow by up to 1 million people and will become one of the most liveable, attractive and prosperous cities in the world.
Melbourne 2030 is a planning policy which was released in 2006 by the State Government. It is a plan to manage the growth that Melbourne will see over the coming years.
This said, what does this mean for the property market? In short, there will be an impact on the property market which will continue to benefit residents and property investors.
Obviously a lot of planning needs to go into Melbourne 2030 to make it possible. The Government needs to ensure that there is adequate infrastructure for a growing community and therefore needs to find existing areas that would be capable of holding higher density properties, suitable to facilitated growth.
It would need to be able to meet the needs of an additional 620,000 houses over the next thirty years.
The areas that we believe will continue to grow throughout this time are:
Melton, Pakenham and Wyndham
Melton is to the west of Melbourne and is one of the largest municipalities in the region. In 2006 the population for Melton was approximately 80,900 people, and it is projected to increase to 150,000 by 2020. An increase of approximately 84.5%! Melton has more families living in the area, with a significantly lower population of people aged 65 years . The median house price is approximately $213,000 and the average days on market sitting at 81. And units have been on the rise in the last quarter by 6.7%.
This is an area that we believe will continue to grow. It allows for affordable living without compromising on quality and lifestyle.
Wyndham is located on the south-western fridge of Melbourne. The population in 2006 was approximately 116,000 and is projected to grow by 69.4% by 2020 to approximately almost 197,000. Approximately 55% of these households are a family with children. Again, with affordable housing, it is expected that this suburb will continue to grow. Wyndham especially is one of the areas that Melbourne 2030 believes is a growth area.
Pakenham is continuing to grow with the median house price currently sitting around $285,000. The market is also moving with the average days on market approximately 68. There has been a growth of 1.7% in the last quarter, however an annual change of -10.1%.
You may wonder why these suburbs are considered to be "growth areas". Every suburb will continue to grow, some faster than others, however Melbourne 2030 have done significant research to ensure that there is a range of well located and affordable housing available to people who wish to move to Melbourne.
You can read further about Melbourne 2030 at http://www.dse.vic.gov.au/melbourne2030online/