Re-named Melbourne suburbs drive price fluctuation
Some of Victoria’s most undesirable suburbs have gone up price by simply changing their name.
A chunk of Burwood has recently become Malvern East, while a part of West Footscray has transformed into Kingsville.
Property Mavens Director Miriam Sandkuhler told Tom Elliott it was all about perception when it came to where prospective homebuyers were looking and buying.
“Locals will sometimes have a perception and those buying out of town might not be aware of that,” she said.
“If you’re a developer and want to develop a whole part of a suburb like they did with a large part of Port Melbourne and re-naming it as Beacons Cove, it could be beneficial.
“In going through that process and getting approval they were able to sell all those properties for substantially more.”
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