Bundoora: The suburb of opportunity
Home to a strong and expanding commercial business district, Bundoora’s local economy is strengthening by the day, bringing with it positive news for residents and investors alike.
Located just 14km from the heart of the CBD, Bundoora is a suburb that strikes an ideal balance between natural and urban environments. Having recently been designated as one of five principal activity centres around Melbourne, Bundoora is slated for significant industrial and employment growth.
Currently about 275,000 people live and 100,000 people work in the wider local area (defined by the Banyule and Darebin city councils), which has been identified as part of the La Trobe National Employment and Innovation Cluster. With a formal framework now in place, this government initiative will see the region transformed into an ‘integrated, hyper-productive city’. Significant investments will be made in infrastructure and resources dedicated to the intensification of key commercial, education, research and health precincts.
What does this mean for Bundoora? Well according to local agent, Kristian Williams, residents are set to benefit in a big way. “It’s clear that Bundoora is a suburb that has seen significant growth in the last decade, becoming a highly desirable destination for both families and independent youths,” said Williams, Ray White Bundoora’s Rental Department Manager. This is reinforced by the latest figures from the Real Estate Institute of Victoria (REIV), which named Bundoora as one of Melbourne’s top growth suburbs for the first quarter of 2017, recording a 12.6 per cent increase in the three months to March 2017 alone. Of the top six suburbs Bundoora was also the most affordable with a median house price of $750,000.
As Bundoora’s inherent value is realised, so too are its residential opportunities. “With Bundoora’s population forecast to grow by 3,100 people annually, we need 1,400 new dwellings each year if we are to keep up and meet this demand.”
It’s a thought not lost on local property developer, Future Estate, which saw the inherent potential in Bundoora well ahead of the market, launching its premier park-side community, Parc Vue in 2015.
Inspired by the location’s leafy-green aspects, established surrounds and premium homes that are now fetching upwards of $1 million on occasion, Parc Vue was envisioned as a luxury vertical community where retail, amenity and beautiful interiors would come together to create a residential address without parallel.
Fast forward 2 years and this vision is fast becoming a reality at Parc Vue, with the first building now complete and two further stages under construction on Plenty Road.
“It’s clear that Bundoora is a suburb that has seen significant growth in the last decade, becoming a highly desirable destination for both families and independent youths,”
- Kristian Williams, Ray White Bundoora’s Rental Department Manager
Savvy purchasers who bought in Stage One are already generating rental returns of 4.6-5 per cent – well above the city’s average – signalling a prosperous result for those who shared Future Estate’s vision for the precinct from the outset. “We’ve been here since the beginning and there is no greater reward than seeing Bundoora transform into the vibrant suburb we always knew it could be,” said Future Estate Founder & Managing Director, Ben Anderson.
“Market positivity and local enthusiasm is at an all-time high, with Parc Vue a testament to Bundoora’s growing appeal and its sales success evidence of the sustained buyer appetite.” “What we are hearing from buyers is that many have been holding out for a premium apartment product that combines all the superior views, design qualities and amenities of a CBD high-rise, with the expansive floorplans and quiet serenity of the suburbs.”
“This is exactly what we envisioned for Parc Vue and we are proud to say it is exactly what we are delivering.”
“As we look to the future, all indications suggest that Bundoora’s evolution is going to continue as further infrastructure is put in place, making Bundoora an excellent investment opportunity for those who recognise the potential,” added Anderson.
With apartments starting at just $340,000, 5% deposits accepted and stamp duty savings available, find out about Parc Vue’s newest release by contacting our friendly team on 1800 316 595.