KNOX LGA - Eastern Suburbs of Melbourne, VIC
Retail and manufacturing are the lifeblood of the City of Knox, with the main industries being chemical product and food manufacturing. These industries create plenty of work opportunities allowing the City to maintain a low unemployment rate - 3.9% as at September 2018, according to the ABS.
The City of Knox enjoyed major capital growth in most suburbs between 2015 and 2018 and continues to perform consistently, in the face of the overall downturn in the Melbourne market.
Long-term growth rates across these suburbs are very strong, with many suburbs averaging 8% per year over the past decade.
The residential areas benefit from their proximity to significant jobs nodes, including a major manufacturing precinct, and from business links with Swinburne and Monash Universities, the CSIRO and the Australian Synchrotron.
As Melbourne expands, many businesses are relocating to Knox to take up larger premises which are cheaper than the inner-city suburbs.
This, coupled with projected population growth and increased housing density, will provide opportunities for investors seeking capital growth.
Another feature of this market is low vacancy rates, with many postcodes below 2%.
This report covers the suburbs of Bayswater, Boronia, Ferntree Gully, Knoxfield, Rowville, Scoresby, The Basin, Wantirna and Wantirna South.