Bonbeach has been dubbed Melbourne’s best buy for 2019.
BONBEACH should be at the top of property buyers’ shopping lists, according to a real estate industry heavyweight.
McGrath founder and former Shark Tank investor John McGrath rated the bayside suburb one of Melbourne’s most undervalued postcodes and declared it the best buy for 2019.
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Mr McGrath said it was the best spot to bag a beachside bargain such as 1/12 Glenbrook Ave, a three-bedroom house with a $860,000-$910,000 price tag.
Mr McGrath said Bonbeach’s appeal lie in its beachside village feel and its value for money.
“Bonbeach is a small bayside village that hasn’t had the same attention as its more glamorous northern neighbours,” Mr McGrath said.
“(It) has retained its charm and offers a range of traditional workers cottages and villas, right through to newly built apartments and beachfronts.”
Bonbeach’s median house price could soon catch up to its pricier neighbours, so buyers looking to buy in the area should act now, according to John McGrath.
Mr McGrath tipped Bonbeach would benefit from a price ripple effect from Edithvale, where the median house price is $955,000, and Aspendale, which has a $1.076 median price.
CoreLogic data shows Bonbeach’s median house price sits at $895,000, up 59.5 per cent in the past five years.
But he warned buyers needed to move fast to bag a bargain.
“There are two very strong drivers of value in Sydney and Melbourne — access to the CBD and proximity to water — so if you can find an area that offers both these with a median value below a million dollars it won’t last long,” he said.
Part of the appeal lie in Bonbeach’s access to both the beach and CBD.
Bonbeach headed Mr McGrath’s top five picks for Melbourne in his annual McGrath Report
His other housing heroes were Thornbury, Box Hill, Wantirna and Cheltenham.
Mr McGrath said Bonbeach was likely to defy the cooling Melbourne market.
“While we expect the market to remain challenging for 12 months we do see areas like Bonbeach moving and outperforming the market,” he said.
And Bonbeach could one day rival blue-chip bayside suburbs like Brighton.
“The municipality of Kingston is set to enjoy excellent growth as the northern bayside becomes too pricey for many Melburnians wanting the smell of salt air,” he said.
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