Elizabeth Bourne at her home in Research, which is among the suburbs to perform the best across Melbourne since interest rates began to rise. Picture: Ian Currie.
Ever since Elizabeth Bourne and her family moved into their Research home in 2018, the local property market has only gone up.
The suburb notched a $228,000 (16.6 per cent) uptick that made it Melbourne’s fourth best performing area in the past three years, according to latest PropTrack data.
With neighbouring North Warrandyte, up 14.3 per cent, as well as nearby Park Orchards, 12.2 per cent, Warranwood, 11.6 per cent, and Donvale, 10.7 per cent, also among the areas to gain at least 10 per cent in the same timeline, the wider region was one of Melbourne’s most broadly successful.
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So when interest rate hikes began to slow and eventually slash house prices around much of Melbourne, Ms Bourne wasn’t surprised to see the area’s older homeowners selling up but continuing to reap the rewards of a steady stream of families looking to upsize their lifestyle.
“There has been a lot of new, young families moving into the area,” she said.
“It has felt like there has been a huge amount of growth, and that’s been going since we bought the land in 2015.
“And I’d expect home values will rise again as the rate cuts begin.”
Ms Bourne said the reason families continued to come to the area was likely the same as why hers had found Melbourne’s Covid-era lockdowns “semi-enjoyable”: space.
Over the summer months they spend as much time outdoors by the pool, in the garden or outdoor entertainment space as possible.
A key facet to the success of homes like 3 Cudgee Court, Research, in the past three years is the space on offer in their back yards.
Expansive indoor spaces are also popular with families looking for a new home.
In the cooler weather, sitting around the fireplace inside provides a cosy atmosphere.
She added that since the end of the pandemic, having the wineries of the nearby Yarra Valley on hand.
“You get that feeling you are a bit further out, whilst still being close to everything,” Ms Bourne said.
While her family are now selling their four-bedroom house, she will be looking to buy locally.
Morrison Kleeman’s David Judge is handling the sale of the family’s 3 Cudgee Court, Research, home and said for larger homes that offered a long list of features and plenty of room for families, demand in Research and its surrounds had remained steady for years.
With a relatively new build, the kitchen and living zone of the home provide a comfy space that’s decked out to modern tastes.
Behind a charming facade, the home ticks many of the boxes homebuyers are looking for.
Mr Judge said the area had been buoyed by Covid, which had fostered a greater acceptance of working from home.
The agent added that local schools also helped attract more buyers to the area than there were generally homes on the market for.
“The buyers are families, particularly young and growing families, and there’s a mix of tradies and white collar workers,” he said.
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This article was first published on Mortgage Choice and has been republished with permission.
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