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2019-10-09 Industry News
Author: Satterley

Find where Mickleham, Point Cook and Officer sit in the best suburbs list

Melbourne has long been a favoured destination for investors searching for value in the Australian property market. It’s reputation as one of the world’s most livable cities combined with its steady population growth and strong property prices make Melbourne real estate highly attractive.

Residential investment may have slumped across Australia earlier this year, but the market has firmly reasserted itself and reignited property investment in major cities. Interest rates remain low and in good news for property investors, interest rates were cut again in October.

Melbourne’s median house price was $785,000 in the June quarter, according to the Real Estate Institute of Victoria. While lower than the highs of 2018, REIV data reveals Melbourne’s prices show a reliable pattern of growth - up from $701,000 at the same time in 2016  and $627,000 in 2014.

Major infrastructure projects such as the Metro Tunnel and a state-wide railway level crossing removal project are not only improving public transport links, but supporting Melbourne’s rising population. Melbourne is Australia’s fastest growing city with the Australian Bureau of Statistics predicting it will surpass Sydney as the nation’s most populous city in 2031 with a projected population between 8.6 million and 12.2 million.

Outer suburbs are benefiting from government-backed growth management plans that foster communities with jobs, shops and transport connections close to home.

The Melbourne property market has much to offer investors across the board, yet some suburbs offer more value than most. Affordable and well established, these outer-ring investment properties could deliver healthy and long-term capital gains.  Introducing some of the best suburbs to invest in Melbourne:

1. Mickleham

One of the fastest-growing suburbs in Melbourne, Mickleham lies 29km north of Melbourne’s CBD. The median house price here is just $527,000, a staggering $258,000 below Melbourne’s median, making it an ideal location for first home-buyers and growing families.

Mickleham is home to Botanical estate by Satterley, where commuters can access the CBD by the Tullamarine Freeway or take nearby Donnybrook railway station.

Shopping options are also close at hand. Craigieburn Central on Craigieburn Road has more than 130 stores including Aldi, Coles, Woolworths, Big W and Target.

Highlands Shopping Centre, on the corner of Aitken and Grand Boulevards, has a Woolworths plus a florist, pharmacy, newsagency and bakery, as well as a medical centre and fitness centre, and a selection of food options including Nandos and Subway.

A new community hub housing preschool rooms and maternal and child health services is set to open in 2021. The Merrifield West Northern Community Hub will cater to Mickleham’s rising population, which is set to reach more than 48,000 residents by 2035.

2. Pakenham

With an abundance of parks, playgrounds and community amenities, Pakenham is a favourite with everyone from singles to families. Twenty years ago it was largely agricultural and even today the suburb has vast tracts of open space.

It’s reputation as an affordable suburb (with a median house price of $480,000) has made it a popular place to live. Pakenham is home to more than 46,000 people.

The suburb has a wealth of sporting grounds, including the Toomuc and Don Jackson recreation reserves, and clubs to join. There’s something for every sports enthusiastic from football, netball and soccer, to more obscure pursuits including Pakenham Nar Nar Goon Pigeon Club and the Pakenham and District Aircraft Radio Control Society (PandDARCS).

Residents are spoiled for choice with three main shopping centres servicing the area. Pakenham Central Marketplace on John Street features Woolworths and Big W, The Heritage Shopping Centre has a Coles and Chemist Warehouse, and Pakenham Place Shopping Centre on Main St offers a Target and Coles. 

3. Point Cook

Just 22km from central Melbourne, Point Cook is just a half hour drive to the city. The western suburb is in an enviable coastal location with parks and wetlands that nature-lovers adore.

For a suburb situated so close to the city, Point Cook offers great value with a median house price of $646,000.

Point Cook has a history few other areas can boast about. It’s the birthplace of the Australian Flying Corps and home to the Royal Australian Air Force Museum. 

This has inspired the naming of the local soccer club, the Point Cook Jets, which boasts mens, womens and childrens teams. On the sporting front, Point Cook also has active football, netball and cricket clubs.

Point Cook’s town centre can be found at the intersection of Main Street and Murnong Street, where keen shoppers will also find the Point Cook Shopping Centre. The centre has more than 200 stores including Aldi, Coles, Target and Woolworths.

The centre is also adjacent to the Point Cook Library, which hosts a range of community programs including story time for babies up to 6-year-old children. The town centre is also within walking distance to the Boardwalk Boulevard Wetlands, which features a playground, barbecues and tables, plus a nearby skate park.

Point Cook is home to Satterley's Upper Point Cook estate which is a masterplanned community that has been very popular with home buyers – there are less than 40 lots remaining. The community boasts direct freeway access (for an easy commute to the city or Geelong) and 14 hectares of parks and open space – most of which has already been delivered.

Upper Point Cook is one of Satterly's most sought after estates in Victoria

4. Werribee

This well established suburb is just 30km south-west of Melbourne’s CBD and is also just 40km to Geelong.

Werribee is a destination location thanks to the Werribee Open Range Zoo and Werribee Mansion, which hosts a variety of events and festivals year-round.

With a median house price of $460,000 and a range of community facilities, Werribee is an attraction option for property investors.

Pacific Werribee is the suburb’s main shopping centre, on the corner of Derrimut and Heaths Roads, and it offers more than 300 stores including Target, Big W, Coles, Kmart, Myer and Woolworths. A recent new mall expansion saw a host of new fashion retailers join the fold including H&M, Uniqlo and Cotton On.

The Wyndham Community and Education Centre on Synnot Street in Werribee is a hive of activity for people wanting to improve their skills. Werribee also has a wide range of sports and recreation grounds including Eagle Stadium, featuring twelve indoor multi-purpose courts and Aquapulse, which has a 50m pool, a 25m learn to swim pool, two water slides, play park and spa, sauna and steam room.

5. Officer

A developing town in south-east Melbourne, Officer has a peaceful balance of natural surrounds with urban conveniences. It’s median house price of $560,000 is equally appealing, so too it’s 3.6 per cent rental yield (compared to the Melbourne metropolitan average of 2.9 per cent).

Officer is home to Arcadia, a master-planned community that offers three new schools plus a variety of lot sizes and types to suit all lifestyles.

The suburb is also home to the new Officer Community Hub, which features three  indoor sports courts available for basketball, netball, floorball, badminton and futsal.The community hub also offers two multipurpose meeting rooms and a cafe.

Arena Shopping Centre, on the corner of Princes Highway and Cardinia Road, has more than 25 speciality stores plus a Woolworths.

Officer is lucky enough to have it’s own train station, on Station Street, plus nearby Cardinia Road train station in Pakenham.

In addition to cricket and football ovals, both the Officer and Heatherbrae recreation reserves have playgrounds, cricket nets and netball courts.

6. Greenvale

Greenvale’s community has established over the past 20 years to become a popular spot for investors and owner-occupiers alike. Located just 24km north of Melbourne’s CBD, it offers proximity and affordability.

Greenvale’s median house price is $725,000.

Investors considering Greenvale need look no further than Satterley’s True North residential community. Here they will find land for sale and a range of townhouses.

Population growth in Greenvale has prompted upgrades at the Greenvale Shopping Centre. Renovations include a centre refurbishment, a new two-level medical centre built on the corner of Mickleham Road and Greenvale Drive, a new entry and exit off Mickleham Road, extended car parking and a new range of specialty stores.

Bus routes 484 and 543 connect Greenvale to Roxburgh Park, which is where the nearest train station is located. The Roxburgh Park train station on Brunton Ave, is approximately a 10 minute drive from Greenvale, and transports city commuters to Southern Cross train station in 35 minutes.

Arcadia is Officer is within walking distance to train station & future town centre

7. Tarneit

With a median house price of $538,000 and a location just 25km from Melbourne’s CBD, Tarneit is hard to beat when it comes to investment value.

Tarneit Central Shopping Centre on Derrimut Road, features an Aldi, Coles, Kmart and Harris Scarfe.This is in addition to Tarneit Gardens Shopping Centre on Wickford Road, which offers a Woolworths and BWS.

Local schools include Thomas Carr College, for students in year seven to 12, and Tarneit Central College for students from prep to year nine.

One of Tarneit’s most popular communities is Habitat on Davis Creek, which is now in its final stages now selling. Investors will find a variety of lot choices and wide open spaces at Habitat on Davis Creek, making it ideal for young families.

Tarneit train station was opened in 2015 and is just a 30 minute ride into Southern Cross train station. 

Tarneit is also home to the Julia Gillard Library Tarneit on Sunset Views Boulevard, which offers a range of community programs in addition to the 30,000 books, DVDs, magazines and ebooks for loan. The Tarneit Community Learning Centre is located at the same site, but is currently undergoing renovations to install more meeting rooms, a cafe and lounge.

8. St Helena

Just 21km from Melbourne’s CBD, St Helena is a suburb set in the urban bush of the city’s north-east. Predominantly developed during the 1980s, St Helena has a broad range of amenities including the St Helena Marketplace, on Aqueduct Road, which includes a Woolworths supermarket, as well as a range of medical clinics.

Among its schools is the sought-after St Helena Secondary College, a state co-educational located in nearby Eltham North.

The St Helena Saints Basketball Club has been representing the suburb for 26 years and offers teams for children aged six to 18.

At the Anthony Beale Reserve, which is home to Greensborough Junior Football Club, there are two ovals and a colourful playground with a big revolving hamster wheel and a double flying fox. The reserve, on St Helena Road, is popular with local dog walkers.

9. Sunbury

This much loved town is home to more than 36,000 people. It’s strong community atmosphere is supported by a business association and a football and netball club.

With a median house price of $545,000, Sunbury is a popular place to live for all demographics.

Located 36km north-west of Melbourne’s CBD, Sunbury boasts an urban meets rural lifestyle. In addition to its train station and shops, Sunbury is also home to a private hospital and campus of the Victorian University of Technology.

Evans Street is the hub of the town. Here, shoppers will find the Sunbury Square Shopping Centre, which has a Coles and Best & Less, plus a variety of speciality stores. The precinct also offers a range of cafes and restaurants, as well as a Target, Harris Scarfe and nearby, a Big W.

Community groups can be found in abundance here, from the social support groups and men’s shed at Sunbury Community Health to a variety of sports clubs from BMX to badminton. The Sunbury Aquatic and Leisure Centre offers three outdoor heated pools, an indoor heated pool plus a range of aquatic programs including swimming lessons and aqua aerobics.

10. Geelong

Geelong represents the best of both worlds for many of its residents. The laidback, coastal vibe is tempered by it’s thriving central business district and booming community.

The town’s largely industrial economy has evolved recently to focus on health, education and advanced manufacturing. Geelong is home to almost 193,000 and located 75km from Melbourne. It’s median house prices is $755,000.

Geelong is home to the AFL team, the Geelong Cats whose home ground is Kardinia Park, which seats 36,000. It also plays hosts to cricket tournaments and soccer matches.

Geelong’s pools are hard to beat. They include Adventure Park, a water theme park complete with water slides and play areas, plus the popular Eastern Beach Reserve, which includes a sea bath built in the 1930s, picnic facilities, playgrounds and a historical art deco style boardwalk.

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