St Albans, a north-west suburb in Melbourne, is becoming a property hotspot, according to CoreLogic.
St Albans’ median house price has risen to $542,000 and this growth has resulted in an increase in demand for property in the area, according to the latest CoreLogic data.
The suburb is located 15 kilometres from Melbourne’s CBD, is near the Calder Freeway and Western Ring Road, and is 30 minutes by train to Flinders Street station.
There are primary and secondary schools, and hospitals in the area, as well as a Victoria University campus. Upcoming infrastructure include two train stations and the Joan Kirner Western Women’s and Children’s Hospital.
St Albans and its surrounding suburbs are also home to the Sunshine National Employment and Innovation Cluster.
CoreLogic data reveals St Albans is popular with families and couples. More than 38 per cent of households in the area are comprised of couples with children, while almost 22 per cent are couples without children.
Developer Cedar Woods is attempting to meet the demand of this hotspot with the upcoming development St. A, which is scheduled to be completed by 2020 to house 700 people.
“It is not surprising that owner-occupiers and investors alike are deciding to purchase in the area,” Cedar Woods’ state manager Patrick Archer said.
“The demand for St. A is clear evidence that more people are beginning to realise the potential St Albans has both for property price growth and liveability as a suburb.
“Our St A development has continually experienced strong sales. Our latest release, Callow, is the third consecutive release to sell out within days of launching.”