The Next Property Hotspot for 2021: Heidelberg West, Melbourne
The suburb is located approximately 10-13km from the CBD. It takes less than 30 minutes by car to the CBD and where it takes approximately 40 minutes by public transport. To give you a better idea, it is approximately the same distance that Chadstone Shopping Centre is to the CBD.
Key establishments within the vicinity of the suburb are:
Employment Hub
Employment is one of key drivers for population growth. Over the years, the Victorian government have been setting policies to encourage suburbs to provide. As seen in Plan Melbourne 2017, “20-Minute Neighbourhoods” provides the community to conduct their daily essential activities from time travelling to work, shopping and transport facilities.
Key Employment Areas:
Austin Hospital:
Being one of most established hospital institutions, Austin Hospital is the largest hospital there is in Melbourne’s north. It is situated just 1.5km away from the Heidelberg West attracting highly skilled professions and income earners to the suburb.
La Trobe University:
Ranked 22 in Australia, La Trobe University attracts both international and local students which offers various employability opportunities to local workers.
Preston Industrial Precinct:
The main industries that are based in the area are Retail Trade, Wholesale Trade and Manufacturing. Key employment hub is Northland Shopping Centre where it consists of 95,000+ retail floor spaces and home to over 300 retailers.
Heidelberg West Industrial Precinct:
Industries that are based here are mainly Manufacturing, Construction and Wholesale Trade.
Education
Education facilities attract both population growth and employment opportunities to the suburb. Living near to schools means students would be able to walk and not rely parents sending them to school.
This creates incentives for buyers to locate themselves near tertiary facilities. As shown on the map, a radius of 500m was used to indicate that the accessibility of these schools. For a 500m journey, it will only require a 6 minutes walk.
One of the main schools in the area is the Charles La Trobe College where it caters for students from 5 – 18 years. In 2019, there was a new addition of the Olympic Village Primary School which provides additional outdoor spaces and learning facilities. Also, the college partners with La Trobe University which offers students broader learning opportunities.
Key Point:
Heidelberg West’s Property Prices
While many of its immediate neighbouring suburbs such as Heidelberg, Ivanhoe, Eaglemont, Thornbury & Fairfield have already reached the status of being million dollar suburbs, Heidelberg West still lags behind, in fact quite a huge gap, as wide as two times.
Purchasers with smaller budgets are beginning to take up townhouses in Heidelberg West as such properties are becoming unaffordable in the more established neighbouring suburbs. While Heidelberg’s residential properties are predominantly houses and townhouses, developers in neighbouring suburbs had began construction of high rise apartments.
Again, this presents Heidelberg West as an excellent investment opportunity for capital growth in the mid-short term.
What Next?
#1 – If you are a seasoned investor and would like to get into it immediately, contact us for listing options for townhouses in Heidelberg West.
#2 – If you are new to property investment in Melbourne, you can request for a Discovery Session to cover all the essential and get your journey going.