- MorningtonParticipant@morningtonJoin Date: 2018Post Count: 19
‘Baxter on Mornington Peninsula tops list of best housing growth suburbs (Sep 19 2018)
‘Baxter, an unheralded hamlet on the Mornington Peninsula offers the best prospects for house price growth, according to forecasts from housing demand index LocationScore.
The inland suburb between Frankston and Mornington, 50 kilometres from Melbourne, achieved a score of 83 out 100 on LocationScore ahead of two Melbourne suburbs, Dingley Village in the south east and Gladstone Park in the north west.
The index is compiled based on a number of factors including demand versus. supply, days on market, rental vacancy rates, vendor discount, rental yields, auction clearance rates, percentage of stock on the market, percentages of renters to owner-occupiers and online search interest.
Some investors may disagree with LocationScore’s methodology, with a report by Moody’s Analytics based on Corelogic data, suggested investors had already missed the boat on the Mornington Peninsula.
Moody’s forecast an increase of 0.3 per cent in dwelling values on the peninsula in 2019 and 1.3 per cent in 2020. This compares with growth of 18.4 per cent in 2017 and a forecast of 6.5 per cent this year.
Instead Moody’s forecast Geelong south west of Melbourne to lead the Victorian market with 20 per cent price growth over the next two years followed by Ballarat and Bendigo.
According to LocationScore, Baxter housing had the strongest demand vs supply in the list with limited vendor discounting, an auction clearance rate over 80 per cent and strong online search interest of more than 220 views per listing.
“Baxter houses are obviously an eagerly sought-after commodity,” said LocationScore director of research Jeremy Sheppard
“It’s a small suburb with limited stock and median house price of $534,000, making it a great choice for investors looking to narrow their research.
“Best of all it has lifestyle, with easy access to the Port Phillip Bay foreshore and excellent facilities in adjacent suburbs.”
Despite expectations that Melbourne house prices will weaken further over the next year, the city had the top three suburbs on the LocationScore list, which included the three top spots for growth in the five major capital cities.’
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