Market Insights

12.06.2019

BOX HILL: THE FASTEST GROWING ACTIVITY CENTRE IN VICTORIA, OUTSIDE OF THE MELBOURNE CBD

Box Hill is located 14km* east from the Melbourne CBD and is best known for its cultural diversity, with strong representations in Asian cuisines and retail. The suburb is filled with a vast range of shops, offices, education, housing, hospitals, transport and various community services. It has become a very popular destination for business, renowned as the “second CBD” of Melbourne, now comprising of almost 150,000 square metres of office space in the commercial centre.

Today, it is the fastest growing activity centre in Victoria outside of the Melbourne CBD, with the population growing 26% in just over five years, according to research by the Ministerial Advisory Group, 2017 report.

This growth can be best described by recent statistics from the ABS, which forecasts that within the Box Hill Activity precinct alone, there is a 191% increase expected in the number of dwellings to be developed by 2036.

“Box Hill is undergoing one of the biggest building booms in Melbourne’s history, as Melbourne’s population expands to an expected 8 million by 2050. Dozens of towers, some rising to as high as 36 levels, have been built or approved over the past five years.” – The Age

A BOOMING ACTIVITY PRECINCT

Box Hill is now positioned as a major commercial hub and Activity Centre for the Melbourne’s Eastern Suburbs, with major government backed funding and infrastructure and aggressive council and town planning with established 35+ level high density living.

“Box Hill has become the fastest growing city centre outside of the Melbourne CBD and is now offering a genuine alternative to the Melbourne CBD for investment, employment, entertainment and a place to stay.” – Paul McAleer, Former Planning Manager at the City of Whitehorse

A MAJOR PUBLIC & PRIVATE SECTOR EMPLOYMENT HUB

+ Box Hill Institute (65,000 Students & hundreds of employees)

+ Box Hill Hospital (50,000 patients admitted each year)

+ Epworth Eastern Box Hill (4500 full time employees)

+ Australian Tax Office & Department of Human Services (2300 employees)

+ Deakin University (53,000 students each year)

MEDIAN HOUSE PRICE GROWTH

Box Hill, Melbourne’s “second CBD” scored a median growth rate of 147.2% over the last 10 years, according to CoreLogic, and is ranked as one of the state’s highest house price growth rates over the past decade.

BOX HILL IS SET TO WELCOME THE SECOND CHINATOWN OF MELBOURNE

Property developer Golden Age Group has $450 million plans for a new Chinatown in Melbourne’s eastern suburbs as part of its mixed-use Sky Village development in Box Hill.

The new Chinatown is the second for Melbourne. While the Sky Village project, designed by Fender Katsalidis, will be the developer’s third Box Hill project.

“Box Hill shares many of the cultural and historical ties to Melbourne’s long-standing Chinatown in the CBD. New Chinatown has been envisaged to celebrate and expand upon these ties visually, culturally and gastronomically.” – Jeff Xu, founder of Golden Age Group told The Urban Developer.

Melbourne’s new Chinatown will comprise two 18-storey towers with 429 apartments located at 517-521 Station Street, Box Hill.

A MAJOR PUBLIC TRANSPORT HUB

The Box Hill Transit Interchange is a major public transport hub, incorporating the bus interchange, train station and terminus for the route 109 tram.

The newly proposed $50-billion train line would link Melbourne’s outer suburbs without coming to the city for connecting services. This ‘Super Loop’ will connect with key stations on every suburban line, allowing Box Hill to be connected directly to Clayton and Melbourne Airport. This significant investment will enable Box Hill to forge even stronger links with other business precincts and suburbs and allowing the distinctive multicultural hub of Box Hill growing further and faster.

 “The Box Hill Transit Interchange is the second busiest train-bus interchange in the metropolitan network and the train station is the tenth busiest overall. Patronage is expected to grow by more than 45% by 2031” – Box Hill Interchange Ministerial Advisory Group.

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