Melbourne Suburb Sees Unit Prices Surge Nearly 30% in Hidden Gem
Chadstone, a suburb in Melbourne, has recently seen a surge in popularity, particularly in unit prices, marking an increase of nearly 30%. This growth is seen as a ‘snapback’ after a modest rise of only 8% over the last five years.
Maidstone: The Hidden Gem of Melbourne
Maidstone, located in Melbourne’s inner west, has experienced the highest increase in unit values. Real estate agent Terry Fitzpatrick describes it as “a well-kept secret,” often overshadowed by more recognized suburbs like Avondale Heights and Yarraville.
- The suburb is only 6 to 7 kilometers from the CBD, appealing to first home buyers and investors.
- Amenities have significantly improved in the last year, enhancing the suburb’s attractiveness.
- Interstate investors, particularly from Sydney, have started purchasing properties sight unseen.
Market Trends and Influences
According to Dr. Diaswati Mardiasmo, chief economist at PRDnationwide, the rise in property values signifies a market recovery. The slower growth of the past was attributed to several factors:
- Lockdowns due to the pandemic.
- Increased land tax on secondary properties.
- A high supply of units available in the market.
However, recent interest rate cuts and the introduction of a new deposit scheme have made borrowing easier, leading to renewed interest in the Melbourne property market. Many apartments still fall under the $950,000 threshold, presenting opportunities for first home buyers.
A Personal Perspective
Tennille Burnup, an interior designer, is currently searching for a two or three-bedroom unit, focusing on established Bayside areas. She values proportion, light, and livability over sheer size. Her aim is to find a unit that allows her to add her personal touches and grow her own herbs.
As market conditions improve, suburbs like Maidstone are proving to be attractive options for those looking to invest in Melbourne’s dynamic housing landscape.
