Greenvale has made the top 20 list for family housing markets in Victoria right now, according to a new report by Well Money.
Ranking fourteenth overall, the suburb of Greenvale, situated in Melbourne’s north satisfied all the criteria of a family suburb.
According to the study, key indicators of a family suburb include having a median house price between $200,000 and $1.5 million, being no more than 200 kilometres from Melbourne, and owner-occupiers must make up at least 70 per cent of the local population.
It also requires freestanding houses to make up at least 60% of the local dwellings, households having at least 2.5 people on average and having a Socio-Economic Indexes for Areas (SEIFA) education score of at least 6.
A SEIFA education score rates the educational and occupational status of an area.
Well Money CEO Scott Spencer said the top ranking suburbs ticked all the right boxes.
“All the suburbs in the top 20 ranking are family-friendly as well, which means they contain a lot of families, they contain a lot of owner-occupiers, they’re relatively close to the Melbourne CBD and they’re above-average in terms of educational and occupational status,” Mr Spencer said.
The median house price in Greenvale currently sits at $885,000 with an owner-occupier share of the local population being at 91 per cent and a freestanding house share of 96 per cent.
Inventory levels in February this year were at 1.7 months and have increased to 2.9 months in May. This rise means it’s becoming easier for buyers to find properties and puts downward pressure on prices.
“Over the past three months, inventory levels have increased in all the suburbs, which means there’s more stock on market, buyers have more options and downward pressure is being placed on prices, which should translate into discounts sooner or later,” he said.
