The evolution of Melbournes North

Exploring the Evolution of Melbourne’s Northern Corridor: A Hub of Growth and Opportunity

Over the past 10 to 15 years, Melbourne’s northern corridor has undergone significant infrastructural advancements, marking it as a vibrant epicenter of growth and opportunity. The strategic development of shopping centers, schools, an extended metro train line, and multiple commercial and warehouse spaces has redefined the region’s landscape. Among the notable players is Amazon’s establishment in Craigieburn, which contributed to this transformative era by creating 2,000 jobs during its construction phase and providing an additional 2,000 permanent positions upon completion.

This infrastructural evolution is taking place alongside the vast expanses of land in the north. Areas once spanning endless fields of farmland, such as Wollert, Mickleham, and Beveridge, have gradually blossomed into thriving suburbs. This transition has not gone unnoticed by property investors, who are now keenly eyeing these areas as lucrative investment opportunities.

Moreover, the post-COVID era has ushered in a distinct shift in both investor and renter preferences. As many individuals transitioned to a work-from-home model and grappled with the high cost of living, the appeal of affordable housing on the metro/regional fringe became increasingly attractive. This migration has facilitated substantial growth in property prices, with suburbs like Kilmore witnessing a remarkable 34% increase in value since 2019. This surge in property value has sparked greater investor interest, with investment properties rising from comprising 2% to 7% of the market.

The transformation of Melbourne’s northern corridor is a testament to the region’s potential for development and investment. As we continue to observe these trends, it is evident that this area is poised to become a focal point of economic activity and community development.