Suburb Spotlight South Morang, Melbourne
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South Morang Overview South Morang is a 21 square kilometre residential suburb located approximately 20km north of Melbourne and is part of the scenic city of Whittlesea. Whittlesea has a population of 186,368 and is rapidly growing with 167 new residents moving there every week. South Morang is serviced by the Hume Freeway, Metropolitan Ring Road and the South Morang railway line, with stations at Epping, Keon Park, Lalor, Thomastown and Melbourne. The metropolitan train service provides less than 10 minute services during peak services and 20 minute services in offpeak times. South Morang has an impressive 80% owner occupiers living in the suburb and 72% are family households. Residents have approximately 14 schools, both primary and secondary to choose from. Residents are also within close proximity of Ivanhoe Grammar and RMIT University.
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South Morang experienced a massive 13.9% increase on its median land price during 2014.�
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Population Growth / Forecast Dwellings South Morang is a vibrant infill suburb where land supply is continuing to fall. South Morang is forecast to reach 27,929 residents by 2036, this equates to an average annual increase of 0.78%. Residential development forecasts assume the number of dwellings in South Morang will increase from 6,269 to 8,244 dwellings.
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Buy Land for Capital Growth Custodian has been providing properties within South Morang since approximately 2009. Back in 2009, house and land packages could be purchased for as little as $380,000 with land selling on average for $170,000 for a 512m2 allotment.
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South Morang is one of the more exciting infill areas of Melbourne where investors can expect to receive steady capital growth and receive an attractive yield (4.7% Avg.).
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Recent Comparable Land Sales in South Morang Currently, house and land packages are selling for upwards of $515,000 for a four bedroom, two bathroom two car garage on a 512m2 allotment. The growth in land prices has increased significantly since 2009. Today, if you were in the market for a 512m2 lot you could expect to pay upwards of $280,000 – an increase of $110,000 since 2009. Recent Comparable Land Sales -
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Year
Land Size
Avg. Land Price
$/m2
2009
512 m2
$170,000
$332
2011
512 m2
$220,000
$429
2013
512 m
2
$250,000
$488
2015
512 m
2
$280,000
$547
Established Capital Benchmarks Some examples of established capital benchmarks adjacent to Custodian clients in South Morang are shown below:
86 Meridian Drive, South Morang Area: 990m2 Price: $750,000 Sale Date: 6 Oct 2014 Amenities: 4 Bed / 2 Bath / 2 Car
65 Hawkstowe Parade, South Morang Area: 550m2 Price: $730,000 Sale Date: 31 Oct 2014 Amenities: 4 Bed / 2 Bath / 2 Car
4 Coachman Way, South Morang Area: 592m2 Price: $670,000 Sale Date: 29 Nov 2014 Amenities: 4 Bed / 2 Bath / 2 Car
All information is current and accurate as at May 2015.
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Comparable Sales History The properties below are comparable re-sales which have recently sold within South Morang. They give a good indication of what your property may be worth today:
25 Auburn Road, South Morang Area: 544m2 Price: $525,000 Sale Date: 22 Nov 2014 Amenities: 4 Bed / 2 Bath / 2 Car
9 Beringarra Street, South Morang Area: 545m2 Price: $530,000 Sale Date: 31 Oct 2014 Amenities: 4 Bed / 2 Bath / 2 Car
52 Grange Drive, South Morang Area: 473m2 Price: $514,000 Sale Date: 17 Dec 2014 Amenities: 4 Bed / 2 Bath / 2 Car
All information is current and accurate as at May 2015.
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Request Your Complimentary Personal Property Portfolio Review To find out about what this means for your investment and to hear about the latest exciting new Custodian investment opportunities, please contact our team of property experts for your own personal ‘Property Portfolio Review’ on:
Phone: 1800 174 999 Email: service@custodian.com.au
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PO Box 2256 Nerang, MDC, Queensland 4211 1800 174 999 service@custodian.com.au www.custodian.com.au