One of Whittlesea’s more established – but often overlooked suburbs – is starting to catch the attention of buyers.
New data from Domain Group names Thomastown as one of Melbourne’s top suburbs for house price growth.
The data, compiled by Domain Group chief economist Dr Andrew Wilson, shows that in the 12 months to March 31, house prices in Thomastown soared by close to 29 per cent.
The median house price is $570,000, making it one of Whittlesea’s more expensive suburbs.
Ray White Thomastown managing director Nicholas Cannavo said Thomastown was no longer flying under the radar because buyers were realising it had a lot to offer.
He said the average house featured three bedrooms on a 560 square metre block and was close to amenities.
“It is an established suburb. There are all the services, there is transport, schools, the train line, and a little bit down the road, you have Epping plaza and The Northern Hospital,” Mr Cannavo said.
“What underlies a lot of people’s list when looking for a house – even if they don’t admit it – is finding somewhere along the train line. With first-home buyers, generally one or both work in the city.”
Mr Cannavo said most buyers looking at Thomastown were from outside the area, who had been priced out of neighbouring suburbs such as Preston, Thornbury and Northcote.
He said the suburb was also attracting strong interest from investors.
Harcourts agent Mario Tucci said Thomastown had been devalued for too long.
It was inevitable house price growth would ripple out to Thomastown, and its proximity to the city was comparable to Blackburn, where prices were “through the roof”, he said.
Mr Tucci said the area attracted many young buyers and he expected more activity when the stamp duty cut for first-home buyers is introduced on July 1.
– with Domain
