New home developments in greenfield areas are becoming an increasingly popular choice for home developers. A greenfield location is an undeveloped area located in a city or rural area, and in most situations these locations are being considered for urban development. Choosing to build in these areas can be of great advantage in terms of ease and affordability.
Affordability and Growth
If you are searching for affordability then greenfield areas may be the perfect places for you to consider. New home developments are on the rise and this is a perfect time to build in these areas for a lower cost. There is also massive growth potential for these areas. Here is a list of greenfield areas in Victoria.
Ascot (Northern Suburb of Bendigo)
Median House Price: $360,000
Annual Growth: 26.9%
Officer (South-Eastern Suburb)
Median House Price: $524,000
Annual Growth: 23.1%
Armstrong Street (Suburb of Geelong)
Median House Price: $480,000
Annual Growth: 22.6%
Shepparton North (City of Greater Shepparton)
Median House Price: $380,000
Annual Growth: 22%
Mickleham (Northern Suburb)
Median House Price: $520,000
Annual Growth: 21.3%
Clyde (South-Eastern Suburb)
Median House Price: $540,000
Annual Growth: 20.5%
Plumpton (North-Western Suburb)
Median House Price: $536,000
Annual Growth: 20.4%
One of the major benefits of investing in greenfield areas is the fact that there is still large portions of land available to begin your new development. Often when building in suburbs it may be necessary to knock down a house to start a new build. This process can end up being expensive and lengthy. A newly developing area such as those listed above will provide you with options and an ease in beginning your investment build. This can make your investment property smoother and more achievable.
High Rental Yield
Renting outside of Melbourne in these greenfield suburbs can provide great returns. The affordable housing prices and demand for family housing means that your rental income will be a rewarding benefit resulting in high rental yield.
Starting fresh on vacant land means that you can have maximum design flexibility. There are many things to consider when buying vacant land. A new build on fresh land will also require a lower amount of maintenance which will reduce costs in the long run once the home is completed and occupied.
For more information about investing in greenfield areas, speak to one of our expert consultants on 1800 184 284 or book a call online. We can take care of any further questions or queries and help match you to a builder that will meet your investment needs.