A number of budget suburbs have been tipped for a bumper year in 2023 by one of Australia’s top real estate gurus 🏠 realestate_au
Croydon South, home to a typical $892,500 house price, topped Mr McGrath’s list of future growth stars, with the founder of McGrath Real Estate giving it the nod thanks to a state and local government pilot program to transform the suburb into a 20-minute neighbourhood.North Melbourne, where a median house costs $1,267,500, was second on his list of Victorian areas to watch in 2022.
Affordable Lalor and the rapidly gentrifying Heidelberg Heights were also picked out by Mr McGrath, who described both as family amenity-filled suburbs that had “flown under the radar for years”.Point Lonsdale, a cheaper neighbour to Queenscliff near Geelong, was the only regional area to make the predictions list.
All of the suburbs could benefit from a resurgent demand in Victorian property, with the 22-23 McGrath Report also noting soaring immigration numbers since Australia opened its borders after the pandemic — migrants who will be competing for homes, most likely initially as tenants but eventually as buyers.
He said regional areas were likely to remain in demand in 2023, but noted it could be tree-changes rather than sea-changes that would attract most city-slicker buyers’ attention.
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