The three-bedroom house at 2/68 Masons Lane, Bacchus Marsh is listed for sale, located in one of Hotspotting’s “supercharged suburbs”.
Affordable suburbs in regional Victoria and the outskirts of Melbourne are predicted to see home prices boom in the next 12 months, new research shows.
Hotspotting’s winter Price Predictor Index revealed 10 areas primed for growth, based on steadily increasing sales volumes over four or more consecutive quarters.
Seven suburbs in the report’s top 50 “supercharged suburbs” were in regional areas, including Bacchus Marsh and Darley, Ballarat East, Kennington at Bendigo and Leopold and Torquay near Geelong.
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Deer Park, Sydenham and Harkness, on Melbourne’s north and west urban fringe were also expected to see the strongest growth in home values.
The report also identified Sandringham and Blackrock in Melbourne’s bayside as “rising markets”, where increasing sales activity continued over at least three quarters, as well as South Kingsville, Laverton and Oakleigh.
Hotspotting founder Terry Ryder warned that this could be impacted if the state government introduced any new policy changes and additional costs that impeded property investors or the construction industry.
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The four-bedroom house at 51 Hogan St, Deer Park is listed for sale.
The house has $730,000-$770,000 price hopes.
He said decisions making it more onerous for people to own a rental property in the state gave the impression the Victorian government were not “terribly bright”.
“We’ve had increases, obviously, in interest rates, council rates, insurances have increased a lot, maintenance costs have increased a lot; land taxes increased a lot,” Mr Ryder said.
“It’s got to the point where the average investor just can’t afford all these extra expenses.
“Contrary to the opinion some politicians may have – they’re not wealthy people.
“We’re definitely seeing fewer investors buying into Victorian markets and we’re seeing more and more investors selling out of Victoria.”
Mr Ryder said Melbourne was poised for better price growth this year than the previous two years.
“The median house price grew only 3 per cent in the 12 months to May but sales activity
revived late in 2023 and early 2024, boosted by a solid economy and high population
growth,” he said.
“Population figures are stronger for Melbourne than for anywhere else in Australia.”
The four-bedroom house at 12 Otway St South, Ballarat East is listed for sale.
The house has a $599,000-$629,000 price guide.
He added that the common thread between the regional Victorian areas that made the “supercharged suburbs” list was that they were all pretty close to Melbourne, an important factor in the era of people working from home part time.
Ray White Deer Park director Leigh Grixti said Deer Park would be the “hot ticket” for home price growth, especially with a Costco coming to neighbouring suburb Ardeer.
“We’ve seen a huge increase in first home buyers, in young families to this area and I think the driver is it’s such close proximity to the city and still affordable,” Mr Grixti said.
sarah.petty@news.com.au
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