Our research team are always on the lookout for new, up-and-coming suburbs around Australia which show strong capital growth prospects.
Our research team have had their eyes on the suburb of Armstrong Creek in Victoria. This property market focus will delve into the key macro and micro fundamentals of the market.
Market Location And Key Amenities.
Armstrong Creek is a low residential housing market dominated by young families. The suburb runs adjacent to the peaceful Lake Connewarre and is within a 10-minute drive to some of Melbourne's best surf beaches.
The suburb is well-connected with connectively to local CBD's beaches and the airport, including:
15 minutes to Geelong CBD
9 minutes to Breamlea and Bancoora Beach
Under 40 minutes to Avalon Airport
Just over 1 hour to Melbourne CBD
The market benefits from quick access to the M1 Freeway which allows quick access for residents to the Melbourne CBD as well as the Avalon airport.
The suburb is also close to key amenities including:
St Catherine of Siena Primary School
Armstrong Creek School
Armstrong Creek East Children's Centre
The Woolworths Warralily (The Village Warralily Shopping Centre)
Property Market Overview.
Market Demographics.
As of 2016, 73.6% of the homes in Armstrong Creek were owner-occupied, illustrating the liveability of the suburb and the overall low risk of the market.
The demographic of Armstrong Creek is diversified when it comes to employment and a significant proportion of people work in a professional occupation. 33.9% of the market demographic is made up of professionals and managers [1].
Population.
Armstrong Creek is close to the growing region Geelong and the suburb will benefit from the ongoing underlying demand for the market. As the second largest Victorian city, Geelong has an ever-growing population with a current population of 278,929. The region saw a spike of 28,278 additional residents between the 2011 and 2016 census periods [2].
Infrastructure.
Infrastructure projects continue to expand throughout the Geelong region due to the growing population.
The Armstrong Creek market is considered an urban growth area with major council plans that have already been approved for the expansion of the region. ‘The Armstrong Creek Urban Growth Plan’ is well underway with the council anticipating that more than 22,000 jobs will be provided in the region [3].
Additionally, Armstrong Creek has benefited from the $1b Armstrong Creek Town Centre project which is considered one of the largest urban developments in Victoria. The 40-hectare Armstrong Creek Town Centre development promised to feature the best in retail, entertainment, dining, and commercial (business park), as well as residential, hotel and wellness facilities. Development of stages one to three is expected to generate over 1000 jobs. Stage 1 was completed in late 2020 [4].
There is also significant investment into education infrastructure from the Victorian Government. They have committed to deliver 100 new schools in the region between 2019 and 2026.
The Armstrong Creek Development was a key project part of this commitment due to the booming population experienced throughout the region.
Property Market Statistics.
The Armstrong Creek market experienced solid capital growth in 2020 of 6.3% and has experienced a further 8.1% growth in 2021 as at July 2021 [6]
The median sale price of houses: $601,000
Vacancy rate: 1.5%
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Next Steps
Looking to get the property investment conversation started?
Or, just looking to stay in the loop?
Jarryd Gauci – Property Investment Consultant
P: (02) 9939 3249
Disclaimer: When considering purchasing a property, it's always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.
References:
[1] ABS
[2] ABS, Quick Stats
[4] Your ACTC [5] Oberonhs Victoria
[6] PriceFinder
[7] SQM Research
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