CITY OF WHITEHORSE, Metropolitan Melbourne, VIC
The Whitehorse LGA in the eastern suburbs of Melbourne remains resilient, maintaining low vacancies and strong long-term capital growth rates. The apartment market in particular is defying the general correction in the Melbourne market.
Victoria now ranks as the No.1 economy in Australia,according to CommSec’s State of the States quarterly report, and has recorded the nation’s largest population growth rate in recent years.
This record population growth continues to fuel demand for housing with Melbourne predicted to become Australia’s largest city as early as 2030, reaching a population of 6.1 million.
Melbourne’s forecast population growth has prompted the State Government to put growth management strategies in place. Under Plan Melbourne 2050, several major Metropolitan Activity Centres have been identified to cope with the anticipated growth and Box Hill in the Whitehorse LGA is one. Nearby Ringwood is another.
The growth strategies will ensure Whitehorse benefits through investment from both the public and private sectors. Against this background, the long-term future for the Whitehorse property market looks highly positive.
This report covers the suburbs of Blackburn, Blackburn North, Blackburn South, Box Hill, Box Hill North, Box Hill South, Burwood, Burwood East, Forest Hill, Mitcham and Nunawading.