Rising Up in the East
A new wave of high-rise towers is set to transform Eastern Melbourne’s Activity Center into a new ‘CBD’.
Melbourne is on track to overtake Sydney in becoming Australia’s most populous city in the next 20 years with more than 130,000 people moving to Melbourne each year.
Cities are defined by people. They are defined by the ways in which we live and work, move from place to place, and interact with each other. That is why—as we change—our cities need to adapt.
The vision of Melbourne is to continue to be a global city of opportunity and choice. And Plan Melbourne will guide the growth of the city for the next 35 years. It sets the strategy for supporting jobs, housing and transport, while building on Melbourne’s legacy of distinctiveness, livability and sustainability.
How Plan Melbourne works
Key Principles includes
– A city of centres linked to regional Victoria
– Living locally – 20 minutes neighbourhoods
– Infrastructure investment that supports balanced city growth
One of the ways to have these implemented is via identification of Metropolitan Activity Centres.
Metropolitan Activity Centres play a strategically important role for their subregion catchments by providing the community with good access to a range of major retail, community , government, cultural and transport services.
As the city grows, metropolitan activity centres will maximise opportunities for all Melbournians to access a broad range of goods and services. These centres are a focus of public transport networks and will continue to attract broad investment in education, health and other services. They will also provide a diverse range of jobs, activities and housing for subregional catchment.
The Melbourne Metro suburbs in the eastern side are charting the growth in term of housing affordability. There is a strong appreciation from community from other eastern suburbs moving into established suburbs with government investments transforming all aspect of amenities into a new modern “CBD” away from Melbourne’s CBD and fast unlocking the master plan in managing and building the future of Maroondah with its population growth and transportation taken into account.
Ringwood Going Places
A priority of the Victorian Government’s blueprint for Melbourne’s growth, Ringwood is a designated Metropolitan Activity Centre – the highest priority centres outside of the CBD.
Investment in integrated and sustainable development around first class transport services anchors Ringwood as a key urban destination with vibrant city centre, active local economy and contemporary lifestyle options.
The key Metropolitian Activity Centre in Melbourne’s outer East, Ringwood is the focus of significant public and private investment, employment growth and rebewal.
Strategically location at the epicenter of eastern Melbourne’s major transport hub with excellent connections to the metropolitan road and rail network, Ringwood serves a large catchment in Melbourne’s outer east and growth corridor and it’s a key gateway between Melbourne’s CBD and the Yarra Valley.
Just 28km east of Melbourne, this suburb offers residents easy access to CBD by train, bus and car. It is widely regarded as one of the few suburbs with easy connectivity to Melbourne’s CBD, but has so much more to offer on its own.
Imagine returning home from a day’s work to a home that offers you the best of nature spanning from Ringwood Lake, parks, and 95ha of open space without having to compromise on your creature comforts at the Eastland Shopping Centre that has recently undergone a $665 million redevelopment.
You definitely would be spoilt for choice in Ringwood.
Local’s choice suburb
Ringwood population has continued to grow fast and is set to increase by 52% to 27,200 residents, over the next two decades. This has in no small part enabled Ringwood to achieve median annual price growth of 5% per annum compared to 3%
in Greater Melbourne.
From a rental perspective, median weekly rental growth for 1, 2 and 3 bedroom apartments in Ringwood has also been consistently higher than Greater Melbourne over the last 10 years to support the growing number of families living in Ringwood.
More bang for buck
Though apartments in Ringwood have shown stronger median price growth than Greater Melbourne over the past five years (at almost 5% per annum compared to 3%), it still remains one of the undervalued suburbs compare to surrounding suburbs.
The median rent for apartments in Ringwood is on par with surrounding suburbs and the rest of Maroondah City, at $360 per week. However, growth in median rent, at 4.2%, has been higher than surrounding suburbs Ringwood East and Wantirna, as well as Whitehorse City and Greater Melbourne at 2.4%. Gross Rental Yield for Ringwood apartments was 3.6%, for the year to June 2019. This was higher than surrounding suburbs Ringwood East, Heathmont, Croydon, Wantirna, Vermont and Mitcham, as well as Whitehorse City and Maroondah City at 3.3%.
As at June 2019, median weekly rents for apartments in Ringwood have shown higher growth over 10 years, at 41% compared with 37% in Greater Melbourne. Rents for new one-bed, two-bed and three-bed apartment product registered $365, $430 and $550 respectively. This is a more affordable option for renters compared with new apartments across Greater Melbourne which rented for $440, $565 and $850 respectively.
East End, a residential new development perched atop Ringwood
The lively East End, a landmark development in Melbourne’s East , is home to the prestigious AC Hotel by Marriott (a design focused premium hotel dedicated to curating an intuitive experience for guests) offers premium residences within The Henry and The George as well as opulent penthouses, The Charles.
Rising around a central plaza, the three towers unveil a distinctive rounded design that maximizes views from each residence. The central plaza contains a superb mix of small-format retail, resident and public amenities and is expected to serve as the new community retail and dining destination for Ringwood.
There’s even a commercial co-working space made available for working professionals and students, with additional library and lounge spaces. Exclusively available to residents, the cinema is another special feature at East End where residents are able to book their private session with their friends and families. East End is also home to the prestigious AC Hotel by Marriott, a design focused premium hotel, dedicated to curating an intuitive experience for guests. As well as partaking in the upkeep of the pristine shared plaza area, the hotel offers a wide range of benefits to residents, while further elevating the design aesthetic of East End. The discerning, corporate clientele brings a sophisticated flair to the precinct whilst supporting the various local retailers and cafes throughout. Meanwhile, the elevated hotel restaurant offers a culinary choice close to home for precinct residents, as well as a luxurious and convenient destination for visiting relatives.
From here, life is easy. Grab a coffee from the local, duck into the shops to stock up on ingredients, or drop your dry cleaning off before heading to work. Everything you need is a hop away from your residence.
Register Now to Find out More about East End!