By Star Weekly
Albion Mews, a boutique 16-townhouse development from Spice Property Development, will likely be a magnet for savvy investors, with every box ticked for significant gains.
Albion, a small suburb of nearly 5000 residents, closely neighbours Sunshine and is still considered undervalued, with strong potential for capital growth.
A lot of urban regeneration is occurring in the inner west.
The latest economic reviews have all the right indicators for a continued rise in the Melbourne housing market, with NAB’s most recent forecast estimating a 7.4 per cent price rise for houses and units in 2020.
Why invest in Albion?
While Melbourne’s west is flourishing, Albion is yet to be fully discovered, giving investors a chance to get in on the ground floor.
Just 12 kilometres from Melbourne CBD, Sunshine/Albion is designated as a “20-minute neighbourhood”, with everything needed for a convenient life no further than 20 minutes away. In the case of Albion, most destinations are considerably closer than that.
The Victorian government has earmarked Sunshine/Albion as a National Employment and Innovation Cluster (NEIC), with projected employment growth of 2.3 per cent a year – the highest in the west.
Albion station is just down the road from Albion Mews, and Sunshine Superhub will see the construction of a rail line to Melbourne Airport, resulting in a forecasted creation of 20,000 jobs. The Superhub will also create greater connectivity with Geelong, Ballarat and Bendigo.
Sunshine Hospital and the new Joan Kirner Children’s Hospital are just seven minutes away, while Sunshine Marketplace (five minutes away) is set for a huge upgrade, potentially attracting increased investment in mixed use and commercial development.
Victoria University, just moments from Albion Mews, has recently announced the creation of a state-of-the-art job skills hub on Ballarat Road.
Cafes are popping up in Albion, but Sunshine’s renowned multicultural dining precinct is right on the doorstep.
Parklands abound and walking/bike tracks along Kororoit Creek are a five-minute bike ride from Albion Mews.
Albion’s rental scene
Investors can expect good returns, with 38.63 per cent of residents living in rental accommodation, according to realestateinvestar figures. A simple equation: demand is high, supply is short.
According to REIV, Albion’s median rent for townhouses is $395 a week, with a median yield of 4.37 per cent – and a median rent change (one year) at 8.21 per cent.
Albion Mews news
The community of 16 townhouses (2, 3 and 4 bedrooms) is being created for young adults and growing families. Albion Mews provides practical storage, spacious open-plan living, low maintenance and good security – elements renters look for. The extra bathrooms and secure two-car garages will command higher rental.
Visit our sales office, open 1-2pm Saturdays, at 24 Talmage Street. Call Daniel on 0481 291 560 or visit www.albionmewstownhouses.com.au