McGrath Report: Victoria’s Budget Growth Star Suburbs Revealed for 2023

Suburban budget neighborhoods such as Croydon South, Laragh and Heidelberg Heights are expected to have a bountiful year in 2023 by one of Australia’s top real estate experts.

Then join North Melbourne, home to the AFL’s worst-performing football team in 2022.

In his annual McGrath report for 2023, one of the nation’s most successful realtors and the company’s chief executive officer, John McGrath, commented on the proposed revitalization of the Yarra River bank and the ongoing revitalization of the bank. He said the Metro Tunnel project will begin to fuel a winning streak in the real estate market within the next 12 months. .

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Homes in Croydon South, at $892,500, topped McGrath’s list of future growth stars. The McGrath Real Estate founder has been nominated thanks to state and local government pilot programs that transform suburbs into residential neighborhoods 20 minutes away from him. .

1A Reilly Court, Croydon South is now on the market.

North Melbourne, with a median home costing $1,267,500, comes second on our list of Victorian Neighborhoods to Watch in 2022.

He cites the future benefits of Arden station being built as part of the new Metro Tunnel project, which will help it evolve from a luxury residential area to a real estate powerhouse in the years to come.

McGrath also chose the affordable Laller ($723,000) and the fast-paced Heidelberg Heights ($998,000).

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John McGrath, CEO of McGrath Estate Agents, said:

Point Lonsdale, adjacent to Queenscliff near Geelong, was the only region to make the forecast list.

McGrath said it is likely to benefit from buyers attracted by the growth of cafes and restaurants that complement the seaside village atmosphere.

22-23 The McGrath Report also notes that immigration numbers have surged since Australia opened its borders after the pandemic, with all of the suburbs benefiting from a resurgence in demand for Victorian property. may receive. as a buyer.

On the broader housing market, McGrath said there will be ongoing impacts from Covid-19 as the pandemic continues to upend “many long-term trends in Australian real estate.”

Rural areas are likely to remain in demand in 2023, he said, but it may be the change in trees, not the change in the sea, that attracts the attention of sophisticated buyers in most cities. Stated.

The pandemic is now in the rearview mirror, but McGrath says employees are trying to stick to their home offices because it gave them a dream lifestyle chance they couldn’t get near the big smoke. pointed out that it is likely that

Suburbs highlighted by McGrath's growing star

McGrath’s report highlights one such Heidelberg Heights home at 129 Waiola Road.

For the same reason, he said he expects more new homes to be built next year, with homes featuring designs that complement families spending more time at home.

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McGrath Report: Victoria’s Budget Growth Star Suburbs Revealed for 2023

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