Investors Prime Real Estate's video: Melbourne s Top Growth Suburbs Experiencing Gentrification in 2020 and Beyond - By Konrad Bobilak

GET YOUR COPY OF AUSTRALIAN REAL ESTATE MADE SIMPLE - https://bit.ly/3nsgWzW GET YOUR COPY OF AUSTRALIAN PROPERTY INVESTING MADE SIMPLE - https://bit.ly/3EjNGT0 FREE 60 MINUTE STRATEGY SESSION WITH KONRAD BOBILAK - https://investorsprime.com.au/strategy-session/ SPECIAL FREE BONUS – For Instant FREE Access to The 10 Hour Real Estate Fast Track Weekend Online Video Home Study Valued At $497.00! -http://www.realestatedvd.com.au/absolutely-free-access LIVE EVENT FREE TICKETS – For FREE tickets to attend the next live Melbourne educational event – The Real Estate Investing Fast Track Weekend - http://www.realestatefasttrack.com.au/?utm_source=Youtube --------------------------------------------------------------------------------------------------------------------------- Long-term Melbourne residents will recall the seismic shift that occurred in St Kilda in the 1990s, when the working class population was given the boot in favour of the up-and-coming hipster class. In the space of a few years, the beachside suburb south of the CBD was transformed from a sleazy hangout where many feared to tread, into some of the hottest real estate in Melbourne. This phenomenon is gentrification – and it’s happening around Melbourne in spades. Gentrification refers to a shift in the socioeconomic demographic of a suburb, which occurs when residents with more money start to move into the area. It tends to occur in inner-ring suburbs, close to transport links and city jobs, in areas which had traditionally been the stomping grounds of the working poor – think Carlton, Fitzroy and Richmond in the 80s and 90s. Now, renovated terraced houses worth millions are nestled between housing commission high-rises in these once-glum locales, and downtrodden buskers share the footpath with latte-wielding executives in designer suits. Along with gentrification comes property price growth, & in turn an exodus of lower-income residents who can no longer afford the rising rents the area commands. There’s also a noticeable shift from investor-owned rental properties to first homebuyers and families, as higher prices mean lower rental yields, making the area less desirable to landlords. Gentrification in Melbourne – where will it hit next? The inner western suburbs have been the centre of gentrification in Melbourne in recent years, with West Footscray, or WeFo, leading the charge. Urban renewal projects, such as the recent improvements made to Footscray train station, & a boom in the number of high-rise, high-density dwellings approved for construction have all combined to push dwelling values skyward and attract a new class of buyer to the area. As the gentrification wave sweeps across the inner-west & families are increasingly priced out of Footscray & Yarraville, Sunshine is the next obvious choice. This suburb has been a multicultural hub since the end of World War II, & since then has been the destination of choice for Maltese and Polish migrants & Vietnamese refugees coming to Melbourne. More recently, African and Burmese arrivals have made it their home. For families who can’t afford Pascoe Vale or Maribyrnong, there’s Maidstone, set to shake off her bridesmaid suburb reputation in coming years. Just 8 km from the CBD, this blue-collar area has been booming as derelict factories are demolished to make way for slick new townhouse developments. In Maidstone, values were up 16.9% & 21.5% for houses and units respectively to January 2018, according to CoreLogic, while in Sunshine a whopping 36.5% jump in unit values saw the median leap from $380,500 to $519,500. Journeying north of the once-impenetrable Bell Street hipster boundary, Preston & Reservoir have already begun to evolve from their humble beginnings as elderly European migrants make way for professionals & young families. Thomastown & Lalor are set to be the next big thing in the north & thanks to the newly-improved South Morang rail line they feel closer to the city than ever before. In Thomastown, unit prices increased by 19.8 per cent to $413,250 in the year to January 2018, while house prices were up 28.3% to $657,000 Lalor recorded similar growth, with units up 10.7% to $410,000 and houses gaining 25.8% to a median of $636,500. As we ponder which Melbourne suburb will go from drab to fab next, we should also stop to ask, what is the price of gentrification in Melbourne? Many demographers say that it’s the enemy of multiculturalism & diversity, paving the way for a homogenous middle-class population devoid of creativity. It can also be a form of socioeconomic cleansing, and as poorer families are forced to move further away from the city, their education & employment opportunities become more restricted, potentially stifling any hope of social mobility. Or, sitting on the other side of the fence, is gentrification really just the ultimate example of up cycling in a world where waste is prevalent?