When purchasing your new home, location, size, and condition are crucial factors. However, one aspect that significantly influences property value, in all areas but especially in Melbourne’s north-east, is proximity to public transport. Read further to understand the benefits of purchasing your home near public transport in Melbourne’s North-East.

Naming a few just as an example for this post, suburbs like Montmorency, Watsonia, and Macleod, living near train stations and bus routes offers distinct advantages that can enhance both your quality of life and financial investment. Here’s how buying property near public transport in these areas can be a smart move for your portfolio.

Property Value Enhancement

Proximity to public transport consistently ranks as one of the top factors that increase property value. This trend is particularly pronounced in Melbourne’s north-east. Here’s why:

  • Higher Demand: Properties near public transport are in higher demand because they offer convenience and accessibility. This desirability drives up property prices. Homes in Montmorency, Watsonia, and Macleod, close to their respective train stations, often attract more buyers and achieve higher sale prices.
  • Price Premiums: Real estate data indicates that properties within walking distance to train stations can command a premium compared to similar properties further away. In Melbourne’s north-east, this can mean significant price differences that benefit sellers and provide solid investment opportunities for buyers.

Historical Data

Looking at historical data reveals how properties near public transport in Melbourne’s north-east have performed over time:

  • Steady Appreciation: Suburbs like Montmorency, Watsonia, and Macleod have seen steady property value appreciation over the years, partly due to their excellent transport links. The consistent demand for homes near these transport hubs contributes to a resilient property market.

Capitalizing on Development

Melbourne’s north-east is poised for continued growth, and investing in property near public transport is a strategic way to capitalize on this trend:

  • Infrastructure Upgrades: The Victorian Government’s ongoing investment in public transport infrastructure, including potential upgrades to the Hurstbridge line, promises further improvements in connectivity. These enhancements are likely to boost property values in suburbs served by these lines.
  • Urban Expansion: As Melbourne expands, areas with strong transport links will become increasingly desirable. This urban growth will likely drive demand and property prices higher.

Lifestyle and Economic Benefits

While financial gains are a key consideration, living near public transport also offers numerous lifestyle benefits that indirectly enhance property value:

  • Convenience and Accessibility: Easy access to trains and buses simplifies daily commuting and errands. This convenience makes properties more attractive to a broad range of buyers and renters, enhancing marketability.
  • Quality of Life: Suburbs like Montmorency, Watsonia, and Macleod offer a rich blend of community life, amenities, and green spaces. Being close to public transport ensures that residents can enjoy these local benefits without the hassle of driving, adding to the overall appeal of the area.

     

At Your Property Advocates, we understand the dynamics of the Melbourne north-east property market being locals of the area. Our team of experts is dedicated to helping first-time buyers find properties that not only meet your needs but also offer strong long term potential.

For personalized assistance and expert advice on buying property in Melbourne’s North East visit Your Property Advocates, local buyers agents who are more than happy to help with all property related queries.

 

You can also check out our home buyers guide here and our property investor’s buyers guide here

 

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Wayne Taynton 0408 316 777
The Benefits of Purchasing Your Home Near Public Transport in Melbourne's North-East
The Benefits of Purchasing Your Home Near Public Transport in Melbourne’s North-East
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