By Alesha Capone
BRAYBROOK and Kingsville have been listed in the top 24 Australian hotspots with the best value for real estate investors, according to a new report.
The annual St George Bank report uses data such as the value of housing in the surrounding areas, amenities, schools, health care and population growth to calculate “Australian suburbs which currently represent the best value for home buyers and investors”.
Out of the 24 areas nationwide, five Melbourne spots were named including Braybrook, Kingsville, Carlton, Heidelberg West and Travancore.
The bank’s chief economist, Besa Deda, said in most of the 24 locations, there was “strong relative pricing (in terms of long-term annual house price increases), renovation potential and close proximity to retail and transport amenities.”
The director of Hocking Stewart’s Yarraville, Altona and Kensington offices, Leo Dardha, said he has seen Braybrook and Kingsville’s real estate status rise recently.
“My take would be, I’d agree Braybrook and Kingsville have dramatically increased in popularity, which is because of affordability and with Kingsville so close to Yarraville, it’s getting a flow-on effect from people who want to buy in Yarraville but miss out,” he said.
“The wave has flowed literally over Williamstown Rd into Kingsville.”
Mr Dardha said Kingsville had a mix of period homes and often attracted younger families who wanted the “Yarraville lifestyle” including its shops, cafes, parks, trams and village-like atmosphere.
He said Kingsville consisted of many period homes, whereas Braybrook’s blocks were slightly bigger and attracted interest from larger families and developers.
“Now with the West Footscray and Maidstone area not as affordable, the next suburb over is Braybrook,” he said.
“I still think there is huge growth potential in the 10-15 km radius on this side of the West Gate Bridge, just because it’s more affordable to go to the West than the east or north.”
