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Suburbs to watch in 2016

Melbourne suburbs continuing to grow in value terms include Footscray, Altona, Sunshine and Spotswood in the west, Preston and Epping in the north, Burwood East, Montrose, Mount Waverley and Glen Waverley in the east and Seaford and Chelsea in Melbourne’s south.

The Real Estate Institute of Victoria said the state’s property market finished 2015 on a high with a record number of auctions held in November and December.

“While median house price growth is expected to moderate this year, population increases, a robust economy and relatively low interest rates will encourage buyer interest in 2016,” said REIV CEO Enzo Raimondo. “In 2016 the REIV expects moderate growth across the city with further price increases in a range of suburbs in Melbourne’s inner, middle and outer rings.”

So why are these the suburbs to watch in 2016?

Footscray: Close to the CBD and recorded double-digit growth in 2015. Footscray remains affordable given its location in Melbourne’s inner ring. Improving infrastructure and gentrification likely to result in solid long-term growth. Median price: $780,000

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