The Best Melbourne Suburbs & Estates to Invest in Now

by Carlisle Homes

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As a property investor, you’ll want to target areas of high growth in order to build your wealth. Well, look no further – a leading property expert pinpoints Melbourne’s rising property hotspots.

If you’re an investor, the greater Melbourne region is likely to be firmly on your radar. The area has experienced unprecedented levels of growth and development over the last few years, making it a prime destination for astute buyers looking to build their portfolios.

We asked seasoned Melbourne property expert, Mark Polatkesen, Director and Senior Mortgage Broker at Mortgage Domayne, to highlight the specific estates and suburbs to jump on now.

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On left: The Amberley Grand Pantry at Harpley Estate Display Centre in Werribee. On right: The Illawarra Grand Theatre, also at Harpley Estate Display Centre.  

Location: What to look for

“When assessing locations to build an investment property, the first thing to consider is vacancy rates – when these are low, that means demand for rentals is high, so you’re more likely to be able to rent out your property fast, with minimal downtime,” says Polatkesen.

“Also look at the potential yield or weekly rent, as well as growth potential. Infrastructure, such as schools, transport, hospitals, and shops, are other important factors,” he says.

“Typically, three- and four-bedroom homes are more appealing to growing families. They also tend to favour newer communities and having two car spaces.

“Based on my experience and research, [for investment opportunities] I tend to favour master-planned communities and established land developers,” he says.

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According to property expert Mark Polatkesen from Mortgage Domayne, the three Melbourne suburbs that represent the best value and growth potential for investors right now are Werribee, Mickleham and Officer.   

Property hotspots

If you’re looking to make a smart property-investment move in Melbourne, Polatkesen recommends honing in on these booming suburbs and estates:

1. Harpley Estate, Werribee

Harpley Estate, Werribee, is a new lakeside community located 35 kilometres southwest of the Melbourne CBD and 3.5 kilometres from the established suburb of Werribee.

“Harpley is appealing to investors because it is a master-planned community and ticks all the boxes for a sound investment. It’s just 35 kilometres from the CBD, and right between Melbourne and Geelong City, with direct freeway access in both directions, making commuting in either direction quick and easy,” says Polatkesen

“Future plans for Harpley Estate include direct access to the Princes Freeway and a bus service to Wyndham Vale and Werribee train stations.

“This established community has four schools, a waterside town centre that will include a Coles supermarket, a medical centre, speciality stores, cafes, and restaurants. In addition, Harpley’s town centre is set to become a unique, waterside dining destination in the southwest.

“Property prices at Harpley Estate have risen 227 percent in nine years. For example, a 448 square metre-block that sold for $188,000 nine years ago is now selling for $427,000,” he says.

“The diverse range of housing types available at Harpley Estate means it appeals to a wide range of people, including singles, couples, families, and retirees. It attracts a mixed demographic, however it’s mainly young and growing families who are moving into the area for its established infrastructure, amenities, and public open space,” he says.

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2. Merrifield Estate, Mickleham

Situated 30 kilometres north of the CBD in Melbourne’s expanding northern corridor, Merrifield Estate in Mickleham is Victoria’s largest master-planned, mixed-use community. It has everything residents need right on their doorstep, including a city centre, shops, schools, parks, sporting grounds, community programmes and a business park, making it a highly appealing home base for Melburnians.

There are several reasons Polatkesen believes that building an investment property in Merrifield is a smart move: “Developer reputation, having built the Docklands, coming infrastructure provided by the developer, Merrifield’s city centre, and its proximity to Aitken Boulevard and the established suburb of Craigieburn via a new road.

“Merrifield Estate is also relatively close – but not too close – to industrial parks, which appeals to many blue-collar works, as they can get to work in as little as 10 minutes.

“In addition, there’s a selection of public and private schools locally, a hospital 20 minutes’ drive away, and it’s only a five-minute drive to the Hume Highway,” he says.

Merrifield Estate has seen impressive growth in recent years. “In 2015, our entry-level 263-square-metre allotments were priced from $118,900. Today, the same lot sizes are priced at $325,000, which is a 270% growth – these are outstanding figures,” says Polatkesen. And the estate appeals to a broad cross section of people, he adds; “Young families, young couples, local mum and dad investors, and quality spec builders.”  

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A brand-new, quality-built home in a rising-value suburb with low vacancy rates makes a sound investment. Seen here: The Montpellier Grand at Peppercorn Hill Display Centre in Donnybrook.  

3. Officer, south east Melbourne 

The leafy suburb of Officer, 48 kilometres south east of the Melbourne CBD and just west of Pakenham, has seen notable value growth over the past year, and it’s easy to see why. It offers easy connectivity to major roads and public transport, and has top-notch amenities, including shops, schools, and restaurants. It offers residents a relaxed, outdoorsy lifestyle, with 23 parks that cover nearly 4.3 percent of its total area.

According to, the median house price in Officer is $728,750, up 3.7% over the last 12 months, while rents currently sit around $520 per week for a three-bedroom house, with an annual rental yield of 4%.

Officer is an area populated mostly by couples with young children, with the majority working in a professional occupation, and paying between $1,800 and $2,399 per month for their mortgage. 


Carlisle: Your perfect build-to-invest partner

At Carlisle, we’ve been helping clients build investment properties for over 20 years, providing quality, energy-efficient homes that offer great value for money, and the latest contemporary features.

We offer a range of investment opportunities, including new homes, knockdown-rebuilds, house & land packages, build a new home on your existing block, and display homes for sale, so it’s easy to find the perfect property type to suit your needs. Come and chat to us today!

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