Ringwood: the unexpected new apartment hot spot
Green space is one of the key attractions of Ringwood and the infrastructure on offer is an added bonus.
The shopping centres, transport and schools are big drawcards to the suburb that has a mix of post-war family homes, new townhouses and sleek apartments.
Families, investors, downsizers and first-home buyers are all keen on the suburb less than 25km from the city centre that has everything you need.
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Castran Gilbert agent Michael Lang said Ringwood had come a long way since its first entry into the apartment market about four years ago.
“The infrastructure is so sound, the train station is significant, the makeover of Eastland and the tremendous access it has via car with EastLink, it is certainly a hub,” Mr Lang said.
He said there was an even spread across demographics and there was a mix of investors and owner-occupiers.
He said buyers were coming from predominantly Ringwood but then the buying group “feeds out to the east”.
“People are coming in from Croydon, Lilydale and Bayswater and people also sidestep from Doncaster because, while it is very strong with shopping with Westfield, it lacks rail.”
Mr Lang said first-home buyers and downsizers were keeping up demand for apartments.
He is selling Nelson Bourke apartments at 8 Bourke St, with stage one already completed and sold out.
“The second stage is going tremendously well. We will start construction at the end of July and we are halfway through selling the stage.”
The sleep and contemporary apartment development, designed by C&K Architecture, is steps away from the shopping and dining hub Eastland and a few more steps to the train station.
One, two and three-bedroom apartments remain for sale, ranging in price from $450,000 for a one-bedroom, plus study, apartment on level three, to $850,000 for a three-bedroom apartment on level two.
Mr Lang said apartments were becoming more popular than houses in Ringwood because of affordability, low maintenance and security.
The lifestyle feel Ringwood offered was also in demand with lots of parks and walking and bike trails across the suburb.
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Mr Lang said there was a spike in apartment prices when they first came on the market and there had been a steady increase ever since.
CoreLogic data shows the median unit price is $522,500, an increase of 22.9 per cent from five years ago.