Capital growth in Wheelers Hill, Oakleigh South predicted for 2017 according to property report
A PAIR of Monash suburbs have been been named on a list of five Melbourne suburbs to watch in 2017.
A new report has identified Wheelers Hill and Oakleigh South as likely to see significant capital growth in the year to come.
The McGrath Report, commissioned by McGrath Estate Agents, looked at market trends and price growth across the east coast and Canberra.
The two Monash ‘burbs were joined by Windsor, Abbotsford and Northcote as areas that executive director John McGrath tipped would be at the top of buyers’ 2017 inspection lists.
Wheelers Hill’s median house price, $250,000 lower than its Glen Waverley and Mt Waverley neighbours, was cited as heightening its appeal.
In Oakleigh South it was the period homes on large blocks with the potential to knock down and rebuild or develop that has commanded an “uplift in buyer demand over the past 12-18 months”.
Downsizers in the suburb were also labelled as winners as they seized the opportunity to sell to young families and developers to the tune of a 10-15 per cent increase in land values.
McGrath Waverley principal Hugh Trieu agreed with the observations surrounding Oakleigh South.
In regards to Wheelers Hill, he added the suburb had “much of the same” DNA as neighbouring Glen Waverley.
“Glen Waverley has turned into somewhat of a developers realm now, with prices often running at $2,500 per square metre,” Mr Trieu said.
“Wheelers Hill offers much of the same amenity; it’s only five minutes away and has access to good schools, parkland, and public transport.
“We’ve also found sellers in the area to have invested a lot of time and energy in their homes, giving the suburb a great sense of character.”
The report can be found at mcgrath.com.au
