Britt Johnson and her family moved to Parkdale for a temporary investment opportunity, but loved the suburb so much they ended up staying long term.
The increased cost of housing in Bayside hasn’t deterred buyers, with investors and owner occupiers alike flocking to suburbs like Parkdale for its beachside lifestyle and the promise of a good return on property purchases. “There’s a lot of people wanting to buy and stay in the area and once you’re here, you either want to upgrade to a bigger home or downsize to a smaller home, depending on which age and stage of life you’re at. I think it’s just a really amazing place to want to raise a family so that’s why I think it’s really popular.”
The median cost of a house in Parkdale has increased by 3.2 per cent to $1.56 million in three months. While many of these suburbs were in more expensive areas, Lawless noted they might be more affordable than neighbouring sought-after destinations. Biggin & Scott Stonnington director Michael Tynan said unit prices in these inner-city suburbs were being driven up by people wanting to get out of the rental market.
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