Investors looking for the best suburbs to invest in for growth opportunities should consider Melbourne's Dandenong, Glenroy, Frankston and Epping, according to a property valuer.
Greville Pabst, CEO of WBP Property Group, said these areas have well-developed public transport and road infrastructure, and offer a pleasant living environment. "They offer housing stock at well below the Melbourne median house price and have good accessibility," he said.
Dandenong, located 31km from Melbourne's CBD, is one of the most affordable suburbs in the state at $332,000 median house price, according to Pabst. "It has good freeway access and Monash Highway, and is still $93,000 below Melbourne's median house price," he said.
He noted that the state government is also spending $290m on infrastructure in the area. Major extensions and improvements to train and buses are also underway.
Glenroy, 14 km from the CBD, is another suburb to watch, according to Pabst. "It's got accessibility, good public transport, good infrastructure and is surrounded by higher priced suburbs. The median price at $385,000 is $14,000 below Melbourne's," he said.
Frankston is poised to benefit from Eastlink and the foreshore development in the area. It's also very affordable at a $293,000 median house price.
Epping is benefiting from the Craigieburn Bypass and its efficient train connections to the city.
Pabst also picked the Surf Coast suburbs including Angelsea, Lorne, Aireys Inlet and Fairhaven as prospects for good growth due to improved access from the nearly completed Geelong Bypass.
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