5 REASONS WHY BUNDOORA IS SET TO BE THE NEXT BOOM SUBURB
Ideally located between Melbourne’s CBD and the lush surroundings of the Plenty Gorge, Bundoora strikes the perfect balance between urban pace and tranquility. Bundoora is positioned in the city of Darebin which boasts a whopping 47.5 percent of its land as parks and conservation reserves. Surrounded by multiple golf courses, gardens and parks, along with the 50ha Greswell Forest Wildlife Reserve, Bundoora allows residents to immerse themselves in nature while enjoying all the amenities of urban living.
2. PRICE GROWTH
Bundoora’s median house price has increased by almost 40 percent in the last five years. The suburb has also seen impressive rental growth – in 2015 Bundoora ranked 1st in Victoria and 7th in Australia for townhome rental growth. For example, the ‘Stellar Townhouses’ in Bundoora’s Polaris 3083 community recently recorded a record-breaking 25% increase in value in just 2 years, showcasing the inherent value in tapping into this impressive suburb sooner rather than later.
Compared to its other northern suburb counterparts of Alphington, Northcote and Thornbury where the median house price sits at $1.1 – $1.5million, Bundoora offers stunning contemporary homes for a fraction of the price with a median house average of just $645,000. Demand for property in Bundoora is not yet near the crazy auction-antics of its neighbours, meaning purchasers are more likely to succeed at purchasing the home they really want.
4. ‘UNIVERSITY CITY’
Home to La Trobe and RMIT universities, Bundoora is commonly known as ‘University City’. La Trobe sits among the Top 100 universities in the world and leads the way in award-winning research across business, science, technology and sport. Welcoming more than 24,000 students each year and with 75 percent of students and 50 percent of the faculty living in Bundoora or the surrounding municipalities, it’s no wonder Bundoora is considered the educational, employment and cultural hub of Melbourne’s north.
Almost half of Bundoora’s population is comprised of families, couples, extended families and single parents aged 35-64. There are a number of family-friendly amenities – particularly schools, with five primary schools, six secondary schools and two university campuses. Bundoora also boasts a number of shopping centres including the recently completed Polaris 3083 shopping and dining precinct. In addition, public transport is widely available with frequent trams and buses.
6. DEMAND FOR PREMIUM HOMES
Bundoora’s luxury market is booming with one particular mansion recently smashing the suburb’s house price record, selling for $2.25 million, $850,000 more than the previous record.