The northwest suburb of St Albans is quickly emerging as one of Melbourne’s property hot spots, according to CoreLogic, who said the suburb was attracting owner-occupiers and investors alike due to its affordable housing, investment in infrastructure and local amenities.
CoreLogic revealed the suburb’s median house price has risen almost 20 per cent to $542,000 in the year to April 2017.
Marked growth in the suburb has resulted in an increased demand for housing options. St. A, an upmarket master-planned community developed by Cedar Woods, was created to cater for the demand with approximately 700 people expected to call it home upon completion in 2020. More than 100 homes have sold off the plan in St. A so far.
Cedar Woods State Manager Patrick Archer said demand for St. A was evidence that more people were beginning to realise the potential St Albans had both for property price growth and liveability as a suburb.
The suburb and its surrounds make up part of the Sunshine National Employment Cluster, which is home to over 14,000 jobs. Plan Melbourne has earmarked the cluster to become one of three emerging employment precincts across Melbourne.
Cedar Woods' St. A community.
Located 15 kilometres from Melbourne’s CBD, St Albans is close to the Calder Freeway and the Western Ring Road as well as numerous public transport options including trains and buses – the suburb is only 30 minutes by train from Flinders Street Station.
St Albans has recently benefitted from significant government spending on infrastructure, including provision for two new train stations as well as the Joan Kirner Western Women’s and Children’s Hospital.
The area includes numerous primary and secondary schools, hospitals and Victoria University.
CoreLogic’s data shows St Albans to be a popular option for established and growing families, with 38.1% of households made up of couples with children, and 21.9% couples without children.