Real Estate

how prices skyrocketed in melbourneaes mini cbdae

Written by The ReReport

19 Halsey St in Box Hill South is for sale with a price guide of $1.78-$1.85 million.

Box Hill’s migrant wave has fuelled one of Melbourne’s biggest property price booms over the past 20 years.
Both Box Hill and Box Hill South were among Melbourne’s top growth suburbs, with median house prices rising by more than 900 per cent since 1996, according to CoreLogic.
Box Hill notched the third highest price growth for the city, with its median price soaring from $157,000 in 1996 to $1.65 million today.

RELATED: How Melbourne’s property market has changed in 20 years

Box Hill’s golden run expected to continue with homebuyer and investor demand

Ye olde English house in Box Hill South snapped up by young family

Box Hill South had the 10th highest price growth among Melbourne suburbs.

The four-bedroom home at 19 Halsey St, Box Hill South is up for private sale.

Box Hill South’s growth from $138,050 to $1,337,500 ranked it 10th among Melbourne’s top performers for the past two decades.
Barry Plant Blackburn’s Mark Di Giulio said interest from Asian migrants had transformed the eastern pocket.
“In the late ’90s we saw a big influx of Cantonese migrants, before another wave of migrants from mainland China in about 2005,” he said.
“Home ownership is very important to the Asian community and family values mean buyers want to stay in the same suburb as their relatives.”

Photo of Box Hill mall and interchangeBox Hill Central sits at the heart of the suburb. Picture: James Ross

Stock Images: Box HillDevelopments continue to be built across the “mini CBD”. Picture: Luis Enrique Ascui

He also said improvements to transport and other amenities added to the suburb’s popularity.
“Renovations to Box Hill Central and the inclusion of fantastic public and private schools also make it a wonderful area,” he said.
Wedged between Westfield Doncaster shopping centre and affluent suburbs like Surrey Hills and Mont Albert, the area was popular with families across the east, he added.

The two-bedroom unit sold for $563,0000.

Box Hill has in recent years been dubbed Melbourne’s “mini CBD” because of the number of developments taking shape.
“Buyers are seeing that when they purchase here, they won’t need to commute to the city because of all the area’s advantages,” Mr Di Giulio said.
“And Box Hill South receives the urban sprawl from Box Hill, trickling down and adding to property value.”

8 Asquith St in Box Hill South will go to auction on November 17.

It has a price guide of $1.5-$1.65 million.

CoreLogic national head of real estate Geoff White said it would have been impossible to predict the growth seen.
“Even if you’d taken a stab in the dark you wouldn’t have said 900 or 1000 per cent,” he said.
Citywide Melbourne’s median house value has grown almost six times from $129,000 in 1996 to $742,000 in the latest figures, according to CoreLogic.

MORE: Converted central Victorian gold mine could be yours

Northcote dream home sells in less than 24 hours

Dated homes notch impressive auction prices despite month-long clearance rate dip

Source link