Eastern suburbs of Melbourne attract home buyers

May 27, 2017 by  

The eastern parts of Melbourne are proving tempting for those looking for a home, due to rising prices.

It is not simply the increasing costs of property in central Melbourne that is pulling economic activity to the east, but the existing infrastructure is having an influence on economic decision-making too. The Eastland Shopping Centre (ESC) and EastLink have been pivotal in this context. With home buyers opting for suburbs that were not always fashionable, there is a buzz about Croydon and Mooroolbark.

High-quality schooling choices and leafy avenues are part of the pull of the residential areas of east Melbourne. Marketing services in Braeside could be used to maintain the profile of these suburbs. The recent data indicates that the median home price rise in Croydon has already moved past 7%. Further, the local market in Mooroolbark has witnessed a surge of around 16%.

There has been a degree of competition between developers and home buyers at auctions, but it has become apparent that home buyers cannot consistently beat the developers at these events.

Andrew King, an experienced suburban entrepreneur, has witnessed changes in the eastern section of Melbourne over a period of over half a century. King said that what was special about the current period was the rate of change. Multicultural eateries are more common than they used to be, while the large green belt is having an impact on the potential for more construction in the region.