Urbis Report November 2016
Abbotsford is undergoing a transition from a former industrial area to an emerging mixed use and residential precinct and has seen its population grow to 8,100 residents as of 2016. Abbotsford’s population is set to continue its strong population growth to a total population of 11,700 in 2031.
Abbotsford vs Greater Melbourne 2016
Source: ABS, ForecastID, Urbis
Victoria Park, Collingwood & North Richmond train stations servicing the South Morang & Hurstbridge lines
10–20 minutes to CBD, accessible along Johnston St
13 bus routes available to Abbotsford, along Johnston & Hoddle streets
Johnston Street and the nearby Hoddle Street are popular shopping strips for local residents, containing Woolworths and Aldi supermarkets, banks, chemists, bars and many restaurants. Residents also have access to the Victoria Gardens Shopping Centre on Victoria street, which has 76 specialty retailers, and is anchored by a Coles supermarket, Kmart and one of only two Ikeas in Victoria.
Proposed by the Yarra City Council, the urban renewal of Johnston Street includes a proposed $10 million investment by the Victorian government into the development of a new precinct centred around Victoria Park train station. This will integrate the station into the activity centre along Johnston street for greater convenience for the local community.
Construction is expected to start in late 2018 on a new Child & Family Centre in Abbotsford which will accommodate a minimum of 92 child care places and include maternal welfare and parental education facilities.
Source: Urbis, Cordell Connect
Year to March 2017
The large affordability gap between houses and apartments in Abbotsford shifts consumer demand to apartments as a housing option.
Year to March 2017
Abbotsford’s median unit sale price was the most affordable when compared to its surrounding suburbs in the year to March 2017. Abbotsford also experienced a high sales volume of 120 apartment sales in the year to March 2017, highest of their neighbouring suburbs and over 3 times as many as Clifton Hill.
Source: Urbis, APM Price Finder, ABS
Abbotsford’s rental market has continuously performed strongly in the last decade with median weekly rents increasing at an annual rate of 5.9% for 1-bedroom units, 3.6% for 2-bedroom units and 5.7% for 3-bedroom apartments in the ten years to March 2017.
The low vacancy rate of 3.6% as of March 2017 also indicates that supply has continued to be met by growing demand.
Source: Department of Human Services, Urbis, ABS, SQM Research