As the most liveable city in the world for six years running, it can be hard in knowing which Melbourne suburb makes a great property purchase. With so much choice and directions to live in, choosing a suburb can be quite overwhelming, no matter whether you are an investor, owner occupier, first home buyer or downsizer.
One such suburb that is ticking all the right boxes for families, professionals and downsizers is Hawthorn East
. With its blue-chip location, leafy tree-lined streets and great positioning close to all of your everyday amenities and conveniences, buying a new apartment in Hawthorn East makes a desirable purchase for many. And the great thing right now is that property prices aren’t as extreme as you might think, especially for a blue-chip, prestigious suburb.
So why should you be buying new apartments in Hawthorn East
? Here are our Top 10 reasons
you need to consider first.
Top 10 Reasons to buy new apartments in Hawthorn East today
1. Location Hawthorn East
is perfectly placed just a mere 7km from the Melbourne CBD. This makes commuting to the city a breeze. This inner-city, prestigious suburb has plenty of character and appeal and makes a friendly community to live in, with bustling retail and dining activity on your doorstep, yet the peace and quiet of parklands all within walking distance. Scoring a Walk Score of 83, Hawthorn East is the 29th most walkable neighbourhood in Melbourne, with most errands completed on foot.
Those who buy new apartments in Hawthorn East are well catered for when it comes to transport options. Trains, trams and buses all serve the suburb, whilst the suburb is also well connected by major roads including the Monash Freeway just below the suburb that runs towards the city and east towards the Dandenongs. Tram routes include routes 70, 72 and 75, whilst the nearest train stations are Auburn and Camberwell that are serviced by the Alamein, Belgrave and Lilydale lines.
Residents of new apartments Hawthorn East can reach the city in just 14 minutes.
3. Great Schools
As well as being serviced by great transport connections, Hawthorn East is within easy reach of education establishments including the Swinburne University of Technology, which has been rated amongst the Top 500 Universities in the world. Nearby schools include Alia College, Auburn Primary School, Auburn South Primary School, Bialik College and Hawthorn Secondary College.
4. Retail and Dining
One of the great attractions to buying new apartments in Hawthorn East is its wealth of retail and dining opportunities literally at your feet. Much of the retail and dining activity can be found along Burke Road as well as along Camberwell Road, especially close to Camberwell Junction. Residents can find banks and ATMs, supermarkets, chemists, casual cafes and an abundance of restaurants serving all types of cuisines from Italian and Japanese to Modern Australian and Mexican. In fact, there are over 400 stores here, whilst Glenferrie Road has more than 325 stores to choose from.
Burwood Road also has its fair share of amenities, whilst for shopping under one roof, the Stockland Tooronga Shopping Centre on Toorak Road will do just the job.
5. Plethora of Parks
Not only do buyers of new apartments in Hawthorn East have an abundance of vibrant retail and dining activity on their doorsteps, they also have a good number of parks to sit back and relax in, go walking or jogging or play sport. Take your pick from Rathmines Road Reserve, Victoria Road Reserve, Fritsch Holzer Park, Anderson Park and Cato Park.
Patterson Reserve and HA Smith Reserve are also close by and there are walking tracks that follow the Gardiners Creek, whilst other recreation activities can be found here including Hawthorn-Malvern Hockey Centre, Hawthorn Velodrome and ovals.
6. Strong Population Growth
Hawthorn East is a growing suburb and recent population estimates from Urbis forecast Hawthorn East to grow by approximately 1,100 new residents between 2016 and 2021, a growth of 1.4% per annum. Between 2021 and 2026, 700 new residents are forecast, a rise of 0.8% per annum.
Hawthorn East is a popular suburb for young professionals, maturing and established independence as well as older couples and families; however, it is expected that Generation Y will be one of the primary drivers in dwelling demand over the next five years.
Hawthorn East is also a haven for students, helped by the great proximity to the Swinburne University of Technology and this bolsters the younger demographic. The suburb is also characterised by high income earners, with a high average household income of $112,967. On a weekly basis, more than 41% of households earn more than $2,000 per week, whilst 22% earn more than $3,000 per week.
8. Employment Opportunities
Due to Hawthorn East being located just 7km from the Melbourne CBD, many of its residents commute to the city for work, whilst 17% of residents work locally within Hawthorn East and Hawthorn. The Swinburne University of Technology alongside the Camberwell Junction Activity Centre and the Hawthorn-Glenferrie Road Activity Centre all provide significant local employment opportunities.
42% of residents also have a Professional occupation and 17% have a Manager’s occupation, making Hawthorn East a white-collar suburb, attracting high quality rental tenants.
9. Consistent Price Growth
Over the past 10 years to June 2016, Hawthorn East has demonstrated consistent apartment price growth, increasing by 7% per annum. Apartment prices are also far more affordable compared to Hawthorn East houses with the median house price sitting at $1,816,000, compared to the median apartment price of $596,000.
10. Rental Price Growth
If you are considering buying a new apartment in Hawthorn East as an investment property, then approximately 40% of its population rents. Helped by its location, amenities and transport network, rental tenants are attracted to this suburb and rental price growth remains strong in Hawthorn East.
According to the Department of Human Services (DHS), apartments in Hawthorn East have experienced a median rental growth of 6% per annum for one-bedroom apartments, 5.3% per annum for two-bedroom apartments and 5.5% per annum for three-bedroom apartments in the ten-year period to June 2016.
Realestate.com.au also reveals that the weekly median rent in Hawthorn East is $400 per week. If you buy a new or near-new apartment, then one-bedroom apartments are renting for approximately $25 per week more than existing stock, whilst two-bedroom apartments are achieving premiums of approximately $104 per week, a great reason to buy new.
With its great positioning, and high demand driven by the suburb’s close proximity to education, transport and amenity, coupled with the ongoing growth of the rental market, new apartments in Hawthorn East are likely to attract market interest from both interstate and overseas investors.
iBuyNew currently has a high-quality apartment development in Hawthorn East that is situated just moments from core amenities and has luxurious resident only facilities. To find out the latest apartment availability and to view floor plans, it’s recommended that you speak with an iBuyNew Property Consultant who can assist you further.
Get in Touch
To find out more about the latest apartment opportunities in Hawthorn East
, and why you should be buying new apartments Hawthorn East today, get in touch with the iBuyNew team to discover more about this fantastic blue-chip suburb and our latest new apartments for sale.
Call us on 1300 123 463
Published on 31st of July 2017 by Marty Stanowich