Looking at Armadale's median house price, this is one area that’s all about units when it comes to investors who are looking for a realistic option. Its median unit price might also push the budget boundaries, but this is a market with good growth pedigree.
In terms of location, Armadale’s not inner-city, but it is within 10km of the Melbourne CBD and is easily accessible via its own train station – with the city centre being just a 13-minute ride away. Amenities are excellent, with all the right boxes being ticked when it comes to cafes, shops and restaurants.
“It’s next to Toorak, which is a notable top-end suburb,” says Buyer Solutions’ Janet Spencer. “Units are moving well in the sub-$600,000 range, and I’ve been to some auctions that have been hotly contested.”
She recommends that investors look for good one-bedroom units with off-street parking and an outdoor area such as a balcony. She adds however that these are very hard to come by in Armadale at the moment.
Australian Property Buyers’ Karin Mackay notes however that a lot of Armadale’s units tend to be on busy roads, so the pick of the bunch will be those in quieter areas.
Renters made up around 40% of all occupants during the 2006 Census, and SQM Research expects this figure to remain fairly stable over the next five years.
Selling points: Within 7 kms of Melbourne’s Central Business District and bordering Toorak and neighbouring suburbs Malvern, Prahran and South Yarra, Armadale is considered one of the state’s most sought after blue chip locations.
With the likes of Glenferrie Road and High Street boutique shops, restaurants, eateries and cafes it is well known for its diversity of shopping. Armadale is within proximity to a number of Melbourne’s leading private schools, parks lands such as Toorak Park, Victory Square Reserve, Armadale Reserve and the Union Street Gardens.
Armadale offers a variety of housing which includes low rise, low density apartment living, contemporary and period homes in picturesque tree lined streets with a balanced offering or new and old. Over the improvements years to states infrastructures including transportation has played a vital part to suburbs accessibility to C.B.D.
Most sought-after properties: First home buyers and investors alike been drawn to appreciate the apartment living while homeowners have enjoyed the award winning modern architectural splendours and charming Edwardian/Victorian period homes.
Most common properties: Art Deco apartments, 60’s & 70’s apartments, period homes, modern townhouses and homes.
Top amenities: Accessibility to both primary and secondary schools within the immediate area, a number of green parklands which include Orrong Park, Victory Square, Armadale Reserve, Union Street Gardens. The city of Stonnington boasts some of the best aquatic facilities in the state, is home to more than 60 sporting clubs, ‘Grow With Us’ is a Council initiative encouraging young people aged 10-18 offering a range of free sporting and recreation programs. Arts and Cultural Development contributes to the continual wellbeing of the Stonnington Community.
Local industry and business: Predominately a residential suburb, there is a good mixture of retail and other small business trade within the demographic and surrounding suburbs.
Recent changes: Beside the ever growing popularity of low density apartment living the general focus in recent times has been sustainability. The local City of Stonnington is continually enhancing the sustainability though different programs aimed at leading and implementing a range of environmental services and initiatives that are designed to protect our assets for generations to come. These include biodiversity, water management, waste and recycling, sustainable transport which involves improving transport, access and movement and energy efficiency and greenhouse impact resolution and awareness.
There are a number of medium rise new apartment buildings planned along High Street Armadale, which will add to the diversity of properties on offer.
Best streets: The best streets in Armadale are the leafy wide tree lined streets with proximity to amenities including shops, public transport, schools, parks and cafes.
Public transport: The suburb is superbly supplied with a number of tram routes and train lines with heading towards the C.B.D. There are also a number of bus lines serving the suburb.
Main arteries: The main roads include Princess Highway, High Street, Kooyong Road, Malvern Road, Glenferrie Road and Orrong Road.