CITY OF MANNINGHAM - Metropolitan Melbourne, VIC
There is mounting evidence that the Melbourne downturn has bottomed and that recovery is under way. The price data for July from both CoreLogic and SQM Research confirmed earlier signs of a return to growth, thanks to higher levels of competition among buyers for good properties in recent months.
BIS Oxford Economics has forecast steady increases in median prices for both houses and apartments in Melbourne between June 2019 and June 2022. Prestige properties in markets like the Manningham LGA are leading the growth.
More growth is expected as the City of Manningham is marked as a major Metropolitan Activity Centre under Plan Melbourne 2050.
Transport upgrades are a priority and the proposed North East Link will complete the ring road between the Eastern Freeway and the M80 Ring Road, connecting the growing northern and south-eastern suburbs.
Longer term, there is provision in the transport planning for a new train line from the Melbourne CBD to Doncaster.
Such improvements would dovetail with State Government planning to have high-density housing near railway stations to make commuting to work easier.
This suggests the long-term prospects of the Manningham property market remain highly positive.
This report covers the suburbs of Bulleen, Doncaster, Doncaster East, Donvale, Templestowe and Templestowe Lower