August 27, 2014
Yew Kong Lye
Moonee Ponds, do you know?…
Moonee Ponds mortgage broker Yew Kong Lye looks at the appeal of this growth suburb.
There can’t be too many Australians who aren’t familiar with Moonee Ponds. Apart from being the home to one the biggest races in the Spring Racing Carnival, the Cox Plate, it is also famous for being the stomping ground of Aussie living legend, Dame Edna Average. It was home to Tina Arena in her early days and Bill Shorten has his office in the suburb.
Moonee Ponds home owners know the suburb has everything going for it. Located just 7 km from the city centre, Moonee Ponds boasts great cafes, good restaurants, abundant public transport and of course, the famous shopping strip, Puckle Street, which used to be the economic barometer of Melbourne.
Big plans for Moonee Ponds
For Moonee Ponds home owners and property investors, 2013 was an important milestone for the suburb.
Plans were drawn up for the redevelopment of Moonee Valley Racecourse for residential purposes. This iconic venue with rich heritage overlay will see a big transformation when planning schemes are approved.
The Master Plan involves a mix of high rise and lower density dwellings with around 7,000 square metres of open space plus a multipurpose community facility including a kindergarten and child health rooms. A 5,000 square metre park will be created on McPherson Street for neighbouring residents.
If we take a look at current Moonee Ponds property prices, it’s easy to see why the redevelopment of Moonee Valley racecourse offers exciting home buying and investment opportunities.
Moonee Ponds home prices rise 28.7%
The Moonee Ponds median house price is currently around $815,750, and over the last five years the suburb has enjoyed property price growth of 28.7% - a fantastic result! Units are more affordable with a median price about $470,000 – definitely well within the reach of Moonee Ponds first home buyers.
Better value for Moonee Ponds home loan customers
Given that Moonee Ponds is roughly on the same radius from the CBD as Armadale, where the median house/unit prices are $1.4 million and $550,000 respectively, it’s clear that a Moonee Ponds home loan offers plenty of buying power. For more ideas of choosing a property location check out my recent blog.
Moonee Ponds offers great opportunities for lifestyle and capital growth. To find out more about buying a home or investment property in the area, contact Moonee Ponds home loan specialist Yew Kong Lye on 039943 0189 or 0413 871 888 today.
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*Property figures sourced from RP Data Suburb ScoreCard, Corporate Edition. Data Set April 14 published July 14.