With every passing year, Melbourne's population continues to grow and developers and builders are busy trying to keep up with the city's ever-increasing numbers.
According to the Centre for Population's latest projections, Melbourne's population will hit the six million mark in 2025 and will then overtake Sydney to be Australia's largest city by 2026. The city's swelling numbers have seen numerous new housing developments take shape across a range of different suburbs with architecturally designed new builds and innovative master-planned communities offering fantastic options for new homebuyers.
Some of the city's emerging estates and developments are located in beachside locations, well-established suburbs and growth corridors, providing the city with a host of choices for housing the next generation.
Here are three emerging projects worth paying attention to.
Located just 36 kilometres south of Melbourne's CBD, Seaford is an established ocean-side suburb near Frankston that is perfect for work, family or just enjoying some leisure time by the beach.
The prime location allows residents to capitalise on everything they would want in a beach lifestyle while still having easy access to the city via the Nepean Highway and Seaford train station. For those looking at lifestyle options, Seaford is also on the doorstep of the Mornington Peninsula and offers easy access to some of Victoria's finest beaches, wineries, cafes and restaurants.
Seaford Beach is just a short stroll away and boasts pristine white sand and beautiful turquoise waters. The beachfront stretches across five kilometres and is known as one of the cleanest beaches in the state. There's also a host of walking paths, perfect for nature enthusiasts as well as parks, nature reserves and creeks.
The Shores Estate is a new residential development located at 67-68 Nepean Highway in Seaford and features 12 newly built architecturally designed townhouses that include views of the beach or the tranquil creek and are surrounded by lush green vegetation. Each townhouse boasts three bedrooms, three bathrooms and two car spaces. As well as offering a range of features including premium steel appliances, timber floorboards and open-plan living.
In terms of their investment appeal, houses in Seaford have seen values grow 3.36% annually over the past 10 years according to CoreLogic, with rental yields currently sitting at 3.38% and average rents of $525. Median prices for homes in Seaford at currently $815,000 which is very affordable for a premium beachside location.
As a well-established suburb, demand is increasing with more and more people attracted to the beach lifestyle within close proximity to the CBD.
One of the main features that stand out when you visit St Helena is the lush greenery and scenic surroundings. Set at the foothills of the Yarra Ranges, residents can enjoy the beautiful landscapes, bushland trails and parks.
St Helena also offers a wide range of amenities including the St. Helena Village Shopping Centre which acts as a local hub and has a variety of retail stores, cafes and services.
The area is also incredibly popular with families and is home to several well-regarded schools, both primary and secondary. This gives St Helena significant appeal for parents looking for a family-friendly community with a strong focus on their children's education.
St Helena Place is a 240-home master-planned community in St Helena and is just 26 kilometres northeast of the Melbourne CBD. Set on a 19-hectare site, the development will be made up of a mix of homes and townhouses between two and four bedrooms. One of the hallmarks of the development is the fact that the suburb is well established and the new homes are nested among the mature trees and green open space. There's also a fully rejuvenated wetland that divides the development in two that has already been there for many years which is incredibly rare in a new development.
Houses in St Helena have seen an average annual growth rate of 5.13% over the past 10 years according to CoreLogic and the current rental yield sits at 2.88% with average rents of $675 per week with a median price of $1,175,000.
St Helena is an aspirational suburb for buyers from the surrounding areas of Greensborough and Eltham, however, with less than 30 properties coming to market every year, supply has been very tight for a long time making St Helena Place a welcome addition.
Situated in the southeastern outskirts of Melbourne, Pakenham stands out as a rapidly growing suburb, that is already well-established with a host of amenities on offer.
The suburb offers a diverse and vibrant lifestyle for its residents and its location is incredibly convenient with the Pakenham train line and the Princes Highway allowing easy access to the CBD and surrounding suburbs.
Pakenham boasts a range of amenities, including the Pakenham Central Marketplace, where residents can find an array of retail stores, dining options and every service they could imagine. Additionally, there's a combination of public and private schools which give families a range of educational options for their children.
Pakenham is also well known for its sense of community with various community events, markets and local initiatives that bring residents together.
One of the main appeals of The Rise Estate in Pakenham is its affordability and the availability of larger blocks of land. Block sizes in the new 202 home development will be as large as 1115sq m which is rare in a new community. There is also a range of single and two-storey options from a host of different builders.
Affordability is also a big factor for The Rise Estate, which is particularly appealing for first-home buyers and young families. House and land packages start from $640,000, which is very affordable for a large parcel of land in Melbourne and well below the city's median price.
Houses in Pakenham have seen annual growth of 4.05% over the past decade, with the current median home price now at $637,000 according to CoreLogic. Rental yields are currently 3.79% with average rents sitting at $470 per week.
Builders and developers have been increasingly upping their offerings to homebuyers across all sizes of developments and masterplanned communities. These modern housing developments need to appeal to a wide range of buyers and provide all the amenities and features that modern buyers expect.
The Shores Estate in Seaford, St Helena Place and The Rise Estate in Pakenham are three developments to watch closely in 2024.
Rowan Crosby is a freelance journalist specialising in finance and real estate. He's written for Australian Property Investor Magazine, Elite Agent and Startup Daily.