Thursday, April 14, 2016

Momentum in the north east

When a suburb or area experiences a dose 
of change, it is generally followed by a wave 
of activity from buyers wanting to move to the area themselves, or developers or investors ready to make the most of the anticipated upward shift in the market.

Recently there has been a noticeable boost in the north-eastern suburbs including exciting new infrastructure such as the Golden Grove Shopping Centre, and significant planning changes in the Modbury and Salisbury Heights area.

Parts of Modbury were recently rezoned, including five storey buildings now allowed in surrounding areas of Tea Tree Plaza, Modbury Triangle, Modbury Hospital and along North East Road and Smart Road near commercial zones. This is expected to encourage mixed-use developments including offices, shop fronts and apartments to the area. Additionally, property owners in Salisbury Heights have been given the 'green light' to subdivide parcels of land to as low as 650 square metres (depending on the slope of the land).

We are seeing first hand that the momentum from these changes is now building! Our sales team based at Golden Grove have seen an increasing number of enquiries about property in this area since the developments have occurred.

So who is most active in this area?

We are seeing established couples looking to settle with a sizable family home, and investors are also actively in the market in the $250,000 to $500,000 price range. With yields sitting around 4.7%, it's no wonder property investors are attracted to this area. The newer properties provide a low maintenance option for landlords, and tenants are loving the larger home sizes and affordability that the north east has to offer.

What type of properties are the most popular?

Medium size properties (between 600 square metres and 700 square metres) are in high demand as there are currently few available, as well as parcels of land. The mid-size allotments are proving to be popular as there is enough land to build a dream family home without needing to go to a second storey.

As a result of the changes in planning regulations and growing demand, we expect to see a noticeable link between the Salisbury Heights area and Golden Grove suburb as more people are drawn to the area and additional housing becomes available. This is a very exciting time as we see the north east area gain strong momentum and activity continues to increase.

If you are looking for either your ideal family home or a positive investment opportunity, then have a chat with our professional Golden Grove team today. Our team is knowledgeable and experienced in this area and they would love to help with your next property!

Suzannah Toop

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