Melbourne's fringes offer property market's glimmer of light
The outer fringes of Melbourne are the sole drivers of the property market in the city, as buyers compete for affordable options but largely steer clear of apartments.
Suburbs within the Mornington Peninsula have been recording relatively strong capital growth. (Image source: Shutterstock.com)
The broader Melbourne property market remains in the doldrums — despite ongoing forecasts of a revival —but the city’s outer suburbs are being underpinned by relative affordability.
In the year to April, inner Melbourne was a sea of red ink, with just 4 per cent of suburbs recording price growth, according to Cotality, formerly CoreLogic.
Yet for suburbs 20km or more from the CBD, 38 per cent of suburbs saw growth during the year, as stretche…
