A growing number of buyers are looking to set up trackside, according to a new CBRE report which shows demand to live near public transport is on the rise in Melbourne.
Traditionally, living close to a railway line was considered a “noise nuisance”. But as Melbourne becomes increasingly urbanised, home hunters are realising settling near a rail, tram or bus corridor allows easier access to work and study, reduces commute times and removes the hassle and cost of parking.
Fortunately, there’s a long list of train stations now responding to this demand – undergoing or planning multi-million dollar upgrades. For instance, Ringwood Station, Brunswick’s Jewel Station and the iconic Flinders Street Station will be revamped to become mixed-use facilities with business, residential and retail precincts. These transit-orientated developments will offer buyers more public transport friendly property options.
If you’re looking to buy now, however, the CBRE research confirms that living in proximity to public transport hubs can increase the value of your home. So look for properties in rich public transport pockets, such as Camberwell, Richmond or Glen Waverley to secure strong capital growth.
What’s more is that you’ll be a hop, skip and a tram ride away from everything you need.
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