News, Culture & Society

Three ex-industrial towns where property prices are about to soar – but you’d better be VERY quick 

Three former industrial towns are emerging as potential goldmines for property investors and first home buyers alike.  

Population growth in Thomastown, Campbellfield and Lalor, all in Melbourne’s north, is expected to soar by up to 71 percent by 2041 – and so too are property prices.

‘Everyone worked at Goodyear in Thomastown in the early 1990s. When it closed [in 2002], we thought the sky would fall,’ Anthony D’Ambros from Stockdale & Leggo told Domain. 

Instead, the old factory town is in the midst of an incredible resurgence and is earmarked as one of Melbourne’s three next property hot spots.

Three former industrial towns are emerging as potential goldmines for property investors and first home buyers alike. Graph shows the property prices in Lalor, Victoria 

Population growth in Thomastown, Campbellfield and Lalor, all in Melbourne's north, is expected to soar by up to 71 percent by 2041 - and so too are property prices. Graph shows house prices in Cambellfield, Victoria 

Population growth in Thomastown, Campbellfield and Lalor, all in Melbourne’s north, is expected to soar by up to 71 percent by 2041 – and so too are property prices. Graph shows house prices in Cambellfield, Victoria 

The median sales price for homes in Thomastown in 2017 was $660,000, an increase of 76 per cent over the previous five years

The median sales price for homes in Thomastown in 2017 was $660,000, an increase of 76 per cent over the previous five years

Three former industrial towns are emerging as potential goldmines for property investors and first home buyers alike, says Anthony D'Ambros from Stockdale & Leggo (centre) 

Three former industrial towns are emerging as potential goldmines for property investors and first home buyers alike, says Anthony D’Ambros from Stockdale & Leggo (centre) 

‘As Melbourne sprawls outwards, Thomastown seems to become more central,’ Mr D’Ambros said, adding what is farmland today will next year ‘explode with new land sales releases’.

The median sales price for homes in Thomastown in 2017 was $660,000, an increase of 76 per cent over the previous five years.

If that trend continues as is expected, some Thomastown properties will break the million dollar barrier in just a few years.

A three-bedroom home in the heart of the suburb, ‘on a large northerly block close to local shops’, is currently on the market for between $480,000 and $520,000. 

Campbellfield (pictured) has been dubbed the 'forgotten' town of Melbourne's north, but it is another of the city's 'growth areas'

Campbellfield (pictured) has been dubbed the ‘forgotten’ town of Melbourne’s north, but it is another of the city’s ‘growth areas’

This Thomastown is currently market for between $480,000 and $520,000

This Thomastown is currently market for between $480,000 and $520,000

If current trends continue, the Thomastown property will be worth close to $1million in just a few years

If current trends continue, the Thomastown property will be worth close to $1million in just a few years

In neighbouring Lalor, increasingly popular with young families, the median house price in 2017 was $653,500 – an 86 per cent jump from five years ago. 

A four-bedroom Lalor home, currently on the market for $699,000, will be worth close to double that in 2022 if the trend continues.

While Campbellfield has been dubbed the ‘forgotten’ town of Melbourne’s north, it is another of the city’s ‘growth areas’.    

There, the median price has climbed from around $330,000 in 2012 to well over $550,000 in 2017. 

This four-bedroom Lalor home, currently on the market for $699,000, will be worth close to double that in 2022 based on current trends

This four-bedroom Lalor home, currently on the market for $699,000, will be worth close to double that in 2022 based on current trends

A five-bedroom home in Campbellfield is currently on the market in for $680,000, while a 190sqm block of vacant land can be snapped up for less than $300,000. 

‘Has real estate changed in the last 28 years of working in this area? Absolutely,’ Mr D’Ambros said, pointing to the rapid growth of neighbouring suburbs.

‘Craigieburn was an outer township, Roxburgh Park did not exist and Mickleham Road north of Craigieburn was paddocks. Now it’s a solid northern suburb, with rapid growth. We cannot keep up with demand.’

This five-bedroom home in Campbellfield is currently on the market in for $680,000

This five-bedroom home in Campbellfield is currently on the market in for $680,000

Read more at DailyMail.co.uk


Comments are closed.