Key Growth Suburbs In Australia #8 Ivanhoe

Ivanhoe Located just a 10kms from Melbourne’s CBD, Ivanhoe is one of the city’s affluent and established areas. The inner-city suburb offers some of Melbourne’s most exclusive quality existing properties on large blocks. If you are looking for a high-end investment, look no further than Ivanhoe.

According to realestate.com.au, median property prices in Ivanhoe range from $1,642,500 for houses to $759,000 for units. Houses in Ivanhoe rent out for $593 per week, with an annual rental yield of 1.9%. Units rent for $420 per week, with a rental yield of 2.9%. Based on five years of sales, Ivanhoe has seen a compound growth rate of 4.0% for houses and 3.7% for units.

Over the past 40 years, Melbourne’s property market has been one of the strongest and most consistent performers throughout Australia: the median Melbourne house price has increased by 7.9% per annum. The median unit and apartment price has increased by 7.73% per annum. Further, over the last four decades, property values in Melbourne have risen at the fastest pace of all capital cities.

Since the onset of the pandemic, demand for housing across the country has swelled to new highs, and Melbourne’s affluent suburbs haven’t been immune. Across the board, Melbourne’s property market has performed strongly throughout 2021, with double-digit house price growth expected in the next 12 months.

Market TrendsAccording to realestate.com.au, this table represents the median house and unit prices in Ivanhoe, providing you with an overview of how prices have changed from October 2020 to September 2021.

While there is plenty of talk about Melbourne’s property market crashing, experts like Michael Yardney from Property Market Update are suggesting the opposite. Additionally, both Westpac and ANZ have recently updated their property price forecasts in response to the Melbourne market’s resilience in the face of extended lockdowns in September. Westpac sees the Melbourne property market growing 18% in 2021 and 8% in 2022.

Yardney explains, “Despite a sequence of fifteen State or Territory lockdowns so far this year, property prices have been largely unscathed. Even though the rate of house price growth is slowing, and regulator APRA is keen to see the housing markets slow down, property values keep rising in almost every market around the country and our capital cities are in line for strong double-digit property price growth this year.” Over the past year, Melbourne house prices have risen by 15%.

PopulationAccording to the 2016 census, Ivanhoe had a population of 12,171. The broader City of Banyule estimated population was 131,940 in 2020. Additionally, Greater Melbourne’s population is projected to grow by around 4 million people by 2056, increasing from approximately 5 million people in 2018.

Ivanhoe is a family-friendly suburb with plenty of attractions. While it is home to many young and mature families, there has also been an increase in young couples and professionals moving to the area in recent years. Ivanhoe is filled with many parks, reserves, and walking paths, in addition to many boutique shops, cafes, and restaurants. Ivanhoe also offers great public transport for easy access to the CBD and surrounding areas via trains and buses. It is renowned for its prestigious schools, which are a major draw to the area, as well as its famous Boulevard Christmas Lights which draw thousands of tourists every year.

In conclusion, property in Ivanhoe is scarce. The ongoing population growth that Melbourne is going see over the coming decades is only going to drive property prices upwards. If you are looking for a high-end investment in an affluent and established suburb, don’t look beyond the key growth area of Ivanhoe.

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