Local Insights – Maroondah

By Peter Sarmas on 18 May 2013
No Comments yet, your thoughts are very welcome

In the wake of the decision by the Victorian Government to abolish the First Home Owner Grant for established homes on 1 July, Donna Walpole, Sales Consultant for Hocking Stuart Ringwood, says that first home buyers are moving quickly to secure homes in Maroondah.

“We’ve noticed a 20 per cent jump in first home buyer enquiry since the announcement of the changes to the First Home Owners Grant,” said Ms Walpole, who was not surprised by the rush that followed the announcement. “The new grant will give $10,000 to first home buyers on new homes but nothing, other than a stamp duty concession, to first timers on established homes. As a result, buyers are scrambling to secure an established property before the July deadline, especially in the more affordable prices ranges of Maroondah.”

Hocking Stuart reports that homes priced between mid $400,000 and mid $500,000 are in motivated first home buyers’ cross-hairs. “First timers know they can pick up a great two bedroom apartment from $400,000 in the Maroondah local government area [LGA],” said Ms Walpole, who added that more established buyers will find properties priced right up to $1 million.

Located just 25 kilometres east of Melbourne’s CBD, Maroondah LGA – which includes the popular suburbs of Ringwood, Croydon and Heathmont – is well known for its quiet leafy streets, good schools and cosmopolitan café culture.

Ringwood

“Ringwood is a great suburb for first home buyers looking to secure a property with easy access to Melbourne’s CBD,” said Hocking Stuart agent Jo Parker. “Homes are affordable and the rail line makes it easily accessible from Melbourne’s city centre. They also love the area because everything they need is right here! New renovations have been approved for Ringwood Station and Eastland, and Cosco is opening later this year, which will really put Ringwood on the map.”

Hocking Stuart recently sold a three bedroom home close to Eastland Train Station to a first home buyer. “This property had expectations in the high $400,000s,” said Ms Parker. “We had three first home buyers fiercely competing on it and sold it well above expectations for $513,000.”

Ringwood chart

Source: Pricefinder

Popular streets in Ringwood: Elison Street, Haig Street, Lavender Street and Caroline Street.

Median house price in Ringwood: $522,000 (Pricefinder).

Croydon

For buyers with a young family, Naiomi Bentley recommends Croydon, which has a strong focus on education. The distinguished Luther College, Yarra Valley Grammar and a Swinburne University campus are all found in the area. “For shopping, Main Street is popular,” said Ms Bentley. “You will find everything there, from restaurants and cafes to retail and professional services.” In addition, Croydon is also home to the annual Maroondah Festival every November, which has hosted some of Australia’s premier musical talent including Paul Kelly, Daryl Braithwaite and Kate Cebrano. “House prices start from $400,000 for a two bedroom property, but there are prestige pockets within the suburb. Some homes have achieved the $1 million price tag,” said Ms Bentley.

Croydon chart

Source: Pricefinder

Popular streets in Croydon: Alto Avenue and Ellesmere Avenue.

Median house price in Croydon: $430,000 (Pricefinder).

Heathmont

In Heathmont, character homes underpin the robust buyer demand. “Buyers from inner-eastern Melbourne will fall in love with Heathmont,” said Donna Walpole. “It has some of the best shopping in Maroondah and the houses are beautifully nestled in leafy suburban avenues.” Ms Walpole said properties don’t often come up in Heathmont because once someone buys in there, they rarely leave. “We just sold a four bedroom renovator to a first home buyer for $520,000 at 25 Sunset Drive,” said Ms Walpole. “It was the first time the house had been on the market for 41 years.”

Heathmont chart

Source: Pricefinder

Popular streets in Heathmont: Stoda Street, Marlborough Estate and Hardeep Place

Median house price in Heathmont: $525,500 (Pricefinder).

 

 

About the Author

Peter Sarmas is a Certified Property Investment Advisor (PIAA) and Vendor/Buyer Advocate. Before becoming the founder of Street News, Peter completed a Degree in Applied Science (Chemistry) and a Graduate Diploma in Property Valuations (Hons). Peter believes property investing is a major and potentially risky undertaking. In his view, everyone should have an independent person acting on their behalf when seeking property investment advice.

Category
Leave your comment

Share with friendsX