Melbourne’s southeast all the way through to the Mornington Peninsula are now best bets for big returns. They are the city’s best options for investors with money to splash on houses, despite looming price falls, and our little ol’ suburb of Bonbeach has taken out the number one spot!
The Herald Sun’s Make Your Move report, powered by PropTrack, ranks Bonbeach as
Melbourne’s best bet for investors in houses, and Cape I Sound the most solid for units. They topped the lists for property types across the city after PropTrack weighed up rental demand against yield and capital growth to produce its priority picks.
PropTrack economist Angus Moore said even after huge growth since the onset of the pandemic, the Mornington Peninsula and “Lifestyle™ areas remained best positioned. ”That shift, at least part of it, seems to be permanent,” he said. ” People do want more space, and it’s easier to do that further from the city – and it’s far more possible today for people to work from home than it was 22 years ago.
Eight of the top 2O suburbs for investors in houses and units were on the Peninsula, with suburbs in the east and outer southeast also in ant.
Advantage Property Consulting director Frank Valentic noted no inner suburbs were in the top 2O for houses or units. except Cremorne.
“The tables have turned – the inner suburbs used to be gold for investors, but now the outer suburbs have taken over, “ he said. “The affordability is a major thing … clients are going further out to get more bang for their buck.“
Mr Valentic added that because properties in these areas were more affordable, buyers could get better returns. “The vacancy rate is below a balanced market and there are more renters than properties,” he said. Tighter budgets amid rising interest rates are also heaping more demand on the affordable end of the market. as some who otherwise would have bought in a pricier bracket with entry-level buyers.
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