Investment

Top 7 Residential Suburbs to Buy Property in Melbourne

In the past few years, Sydney was the talk of the town as far as investment opportunities were concerned. Melbourne, on the other hand, stayed behind the curtains, but still posted excellent results. By the end of 2017, Melbourne results were overwhelming, and it overtook Sydney becoming one of the best places you can buy property in Australia.

Melbourne is a city that plays host to over 5 million people, and the population is expected to grow tremendously in a few years.

Many investors are getting into this coastal city, and they are channelling billions of dollars to buy property. You should also not be left behind arrange today to meet fixed fee real estate agents. This is a place where you can make a keen investment, and ride on substantial capital gains in the future. But the question remains, which are the best residential suburbs to buy property in Melbourne?

But, why Melbourne?

According to recent data by Real Estate Institute of Victoria, purchasing property in Melbourne is highly affordable than other areas such as Sydney – even way cheaper than renting an apartment.

There are high rental yields in Melbourne. As an aspiring property owner, you need to take advantage of this, say goodbye to your rented apartment, and begin your journey to expanding your properties in the following residential suburbs.

  1. Docklands

This is a beautiful waterfront suburb of Melbourne, and it is one of the best residential areas to invest in one-bedroomed apartments.

Due to its strategic location, Dockland is one suburb that will undoubtedly give you more significant returns on investment than other suburbs, and this is the reason why it emerges at the top of our list.

There are tons of benefits of living in Docklands. Many parks offer family fun, shopping areas, convenient transport system, and its proximity to the CBD also makes it a favourite for many people.

If you are renting an apartment somewhere, then you have accommodation in the short term. However, you can decide to secure a commendable future by investing in your property in Docklands, which is a thriving residential suburb with all the amenities you need.

  1. Carlton

It is regarded as one of the most liveable suburbs in Melbourne. It is conveniently located east of the city’s CBD, and is home to unlimited fun activities, booming businesses, and offers exciting diverse cultural practices.

What makes this suburban ideal place to invest in is the fact that property is highly affordable. If you are looking for a quiet place where you can invest and get high rental yields, then Carlton is the ideal location for you.

  1. South Yarra

This is a suburb that features everything you need to make life interesting. Shopping centres, schools, cultural events, parks, libraries, and a host of other recreational facilities are readily available, making it one of the top choices for property buyers.

South Yarra’s proximity to the city and the coast doesn’t prevent it from excelling in areas that other inner suburbs can only dream of – open spaces and different species of trees. Crime rates and clogged roads are very low; hence when you make your investment, you can be pretty sure you will see the value for your hard-earned money.

The suburb is also one of the most sought after residential areas in Melbourne, which means that if you invest in rental apartments, you will get returns on investment in no time.

  1. Hawthorn East

This is one of the oldest residential suburbs in Melbourne, and it is home to some of the earliest monuments in history. The aesthetic architectural designs you find in this place are amazing. There are kinds of people living in this suburb, but what makes it a top choice for many investors is that crime rates are low, and the public transport system is highly convenient.

All amenities that you deem essential to your everyday needs are also available, and this is the reason why you can consider buying property in this suburb.

  1. Clifton Hill

This is a leafy oasis that is arguably the most expensive suburb in Melbourne. It has a median house price of a whopping 765,000 bucks, which is way too much as compared to other suburbs. However, the level of liveability in Clifton Hill cannot be matched, and if you have the financial might or you are on a higher level of the property ladder, buying property in this place can be one of the wisest choices you can make.

This suburb has a smooth public transport system that connects it to the CBD and neighbouring suburbs. It is also hilly, can be easily accessed via train, and has many open spaces, making it a fun area to invest in property in Melbourne.

  1. Parkville

This is merely a super-green suburb of Melbourne which has experienced tremendous changes through the years. Its booming socio-economic activities and strategic location have made it earn its place as one of the fastest growing suburbs in Melbourne, and this has become the primary attraction for investors.

With a high number of schools and recreation facilities, your rental apartments will doubtlessly never fall short of tenants. This is the main reason why Parkville is a great place to buy property.

  1. Fairfield

The fact that this area borders Clifton Hill makes it score high as one of the best suburbs to buy property in Melbourne.

It is located close to the CBD and offers easy access to neighbouring suburbs. The suburb features many recreational facilities, which makes it an ideal choice for many property owners, and you should not be left behind.

If you are interested in owning property in Melbourne, then don’t spend all your fortune looking for the best apartments in the inner city. You will affordably get what you need in the above residential suburbs, and sooner or later, you will get returns on your investment. The suburbs are growing in a surprising way, and in a few years, your property will gain significant value, and you can decide to resell it and make huge profits.

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