Why Prices Will Strengthen Near Burwood/Box Hill

By December 3, 2019 Get insights Market Update

The new Burwood Brickworks opens this week. But this is just the first of a number of very major infrastructure developments in the area. The suburban rail loop is now a real thing. With a new station for Burwood now confirmed by the State Government, this $50 billion project will connect Burwood and Box Hill to Tullamarine airport and from Cheltenham to Werribee. Top this off with a genuine boom of residential towers in Box Hill and this “second CBD” is becoming a reality before our eyes.

Of course, not everyone is happy about this, but it is now happening. Yes, congestion will continue to grow and significant additional expenditure will be required to unlock the developing gridlock that is becoming the new Box Hill. But happening it is.

So, without entering the all-consuming world of whether it should be allowed, the question to address is what the impact will be on property in these areas. Quite a lot. It won’t be overnight, but a strong correlation exists between spending on infrastructure and property prices.

Burwood Brickworks is opening Stage 1, being the retail component on 6th December. Fairly exciting for local residents. The substantial residential development to come will be rolled out over the next 3-4 years. The rail loop is in its very early stages but will build momentum over the next 2 years. The location of the new, underground Burwood station is yet to be finalized and announced, but we can expect it to be within 500 metres of Deakin University. Probably much closer.

This means that the general precinct will continue to attract both investors and residents seeking the convenience of retail, rail and education within walking distance. Not hard to figure out which direction prices will run from here. Strong demand will only increase. Compared to most areas in Australia, price growth is likely to very much outperform.

About The Author
Greg Cooper

Greg Cooper

Greg is one of the founding directors of Cooper Newman and is responsible for the overall operation of the real estate arm of the company. A qualified valuer, with over 30 years of property experience, he loves the interaction with clients and the satisfaction of putting deals together that delight all parties to the transaction. Greg is married to his childhood sweetheart and has three adult children. When he occasionally switches off, he can be found on the golf course, reading a book, or sharing a fine red with friends.

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