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Many areas in Melbourne are increasingly becoming a hub for young professionals.
Whether you’re a young professional yourself and trying to get your foot on the property ladder, or you’re looking to purchase an investment property to rent out to young professionals, the area you buy in is an important consideration.
These 5 areas are all suitable for young professionals and each offer their own unique attributes.
1. Collingwood
Collingwood, located just north-east of the Melbourne CBD, is a safe investment option for anyone looking to invest in the inner-city region.
Of the north Melbourne suburbs, Collingwood tends to be cheaper.
This area is undergoing both commercial and residential development, becoming a trendy spot for younger people with cafes, restaurants, hospitals and parks.
With its close proximity to the CBD, almost everything is accessible from a Collingwood doorstep.
The suburb also offers a range of easy public transport options. A bus or train can get you to the city in under 20 minutes.
Hence, Collinwood is a popular option for young professionals working in the CBD.
2. Southbank
With so many changes to infrastructure in the Melbourne CBD, development has spilled over into Southbank, making it a great option that’s close to the city but with less noise and chaos.
Just south of the CBD, Southbank has become increasingly populated with high rise apartment and office buildings.
Southbank is a short walk to the city and has plenty of public transport to get anywhere else.
This hub of modern living offers young professionals a range of cafes, restaurants, nightlife, and spaces for cycling, running and walking.
However, the obvious downside of such a central location is the high property prices.
3. Newport
Newport, though further out than Collingwood and Southbank, is still relatively close to the CBD and is perfect for those on more of a budget.
The drive from Newport to the city would be a little longer but public transport can still get you there in about 20 minutes.
Though more young families and professionals have been finding out about Newport, it’s still considered somewhat of a hidden gem.
Despite easy access to the CBD, the area boasts more of a suburb feel and the benefits of Williamstown without the high price tag.
4. Ringwood
If you’re looking to buy an Melbourne investment property a little further, Ringwood is set to be one of the next suburbs to shine.
Being in eastern Melbourne means it has one of the lowest rental vacancy rates in the state, making it a safe choice if you’re looking for a property that’s likely to languish on the rental market.
Ringwood is on the train line, allowing young professionals to take a relatively short 40 minute train into the CBD. Unlike inner-city suburbs, Ringwood offers a more relaxed lifestyle with more families.
However, it has a growing young population with new, modern apartment complexes in development.
5. Geelong
Geelong is often a go-to choice for first home buyers since homes are significantly more affordable in this area.
In more recent years, Geelong has started to attract young professionals with new trendy cafes and foodie spots popping up around town.
The suburb maintains a coastal lifestyle being on Corio Bay and near multiple beaches.
Unfortunately, public transport into the CBD can take over an hour.
However, being Victoria’s second largest city, Geelong offers a large number of its own business and industries.
Being such a large region, it’s important to look into each area to determine median prices and annual growth potential.
Many areas in Melbourne offer great investment potential for young professionals and those looking to rent to young professionals.
Generally, the more accessible a location is, the more expensive property is.
However, there are suburbs like Newport and Ringwood that offer more affordable prices despite easy public transport options into the CBD.
Guest author: James Pointon is a Commercial Manager at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.
