Herne Hill launches first-home buyers

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FIRST-home buyers are using Herne Hill as a springboard into more expensive suburbs, according to a local agent.

Buxton agent David Gray said interest in the suburb stemmed from buyers spilling from more expensive areas including Newtown and Manifold Heights.

Melbourne investors had boosted prices last year but their retreat has opened the doors to a new generation of young buyers.

The home at 16 Panorama Road, Herne Hill, sold for $677,000 in March this year.

Their interest, along with that of local investors, continues to push up the median house price in the suburb.

With capital growth of 12.2 per cent last year, the market has slowed only adding another 0.9 per cent in the past three months.

The median house price sits at $550,000, according to new CoreLogic data.

But Mr Gray tipped further growth ahead as more people discovered the benefits of the area.

“There are a lot of younger couples living in Herne Hill and many are saving to renovate,” Mr Gray said.

He said lower prices were part of the appeal as was easy access to the ring road and the Geelong CBD.

“I think its popularity is driven by price but the area does not compromise on lifestyle,” he said.

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He said many buyers were spilling from more expensive suburbs.

“Herne Hill is far less expensive yet you can still walk to Shannon Ave and Pakington St shops,” he said. “It is a real springboard into Manifold Heights, Newtown and Geelong West.”

Mr Gray said the prices of real estate in the suburb levelled off late last year and sales had been slower in the lead up to the recent federal election.

“But it is still heading in the right direction,” he said.

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