Kinglake West is Melbourne's Outer Ring HotSpot according to Real Estate.com!
"15 minutes onto commute a ‘non-issue’ for buyers in the east"
William Verhagen, Branch Manager at Integrity Real Estate in the Yarra Valley, is not surprised to see Kinglake West top the list of growth areas in Melbourne’s outer ring.
The suburb saw a whopping 55% capital growth in the past 12 months with a median house price of $613,500.
Verhagen says buyers that were originally interested in suburbs such as Yarra Glen and Whittlesea were now looking further out to bucolic Kinglake West, which is a 35-minute drive from the former and just 15 minutes from the latter. This attractive alternative still allows them to commute to work but also provides a more affordable lifestyle, he adds.
Verhagen says the buyers interested in Kinglake West are there for more of a longterm plan rather than a “flip and sell”. They are owner occupiers who are making gradual improvements to their properties, which is another factor playing into the growth of the area.
Commuting is seen as a non-issue for those interested in the area, Verhagen says, with a lot of buyers finding that the bulk of their commute is spent in traffic once they hit the middle and inner suburbs of Melbourne. They don’t mind another 15 to 20 minutes in zero traffic.
“The mounting completion of the Metro rail line extending to Mernda would have driven the increase as well,” he adds. “A lot of people have realised that it’s not that much further out – for an extra 15-minute drive you can save a lot of money.”