Homes in the historic township of Diggers Rest are more sought after than ever before as it ranks eighth in Australia’s top 10 growing suburbs, according to the 2016-2017 CoreLogic RP Data Home Value Index.
This is evident in the strong sales of AVID Property Group’s (AVID) Bloomdale community, which has seen its four land releases generate 116 sales since July. Each release sold out in just a matter of hours.
The masterplanned community’s affordable Tempo Living range is believed to have contributed to this, with its previous house and land package prices starting from $296,150 for a three-bedroom, one-bathroom, two-car single story residence.
According to CoreLogic, national house prices have increased almost 20% over the last five years, while household incomes have risen by just 9.2%. This has made the attainability of home ownership difficult for a growing number of Australians.
The RP Data Home Index showed the median house price recorded in Diggers Rest was $345,000, making the Tempo Living range an attractive purchase for first home buyers, who account for 65% of Bloomdale sales.
AVID Property Group’s CEO Cameron Holt attributes the strong sales to Bloomdale’s high quality product and affordable land in one of Melbourne’s fastest growing corridors.
“Tempo homes have been particularly popular with first home buyers and down-sizers, satisfying the desire of both apartment and house hunters. They offer an easy-to-maintain home, while still benefiting from the capital appreciation enjoyed by freehold houses,” Holt says.
Situated just 30 minutes from Melbourne’s CBD and walking distance to the new Diggers Rest train station, recent improvements in public transport along with the introduction of new shopping hubs have also contributed to strong demand in the area.
Bloomdale is positioned at the heart of an established, tight-knit community with existing schools, sporting clubs and communal facilities, making it an affordable and convenient option for growing families.
And with a new Recreation Reserve for Diggers Rest in progress with Melton City Council, the community offering is ever-evolving. The final Master Plan is now available for public exhibition and comment until Friday, 15 September 2017.