Macleod, Melbourne ~ Poised for the next big boom?

Macleod is located approximately 18km north-east of Melbourne CBD. 74 Ernest Jones Drive, MacleodA new housing area, Springthorpe was developed three years ago in the north-west side of this suburb by a consortium of builders. Houses were required to conform to a consistent architectural design which combined the dull grey look of granite with warm timber wood colours. The result was a stylish residential area which is distinctively different from the older south east areas of Macleod. More importantly, the grounds of this development are seamlessly incorporated into an area which includes La Trobe University, one of Melbourne’s premier learning institutions. Prices for a brand new house in this development were in the mid $600k as recent as 2 years ago. Today, a 3  – 4 bedroom house in this area could set you back  $800k’s and as much as $900k on the higher end.115 Ernest Jones Drive, Macleod

Houses currently on the market in Springthorpe estate:

  1. 3, Woodlawn Circuit ~ $817,000
  2. 74, Ernest Jones Drive ~ asking between $880,000 – $895,000
  3. 115, Ernest Jones Drive ~ $925,000

What I like about Macleod

  • The Springthorpe development is quaint and it feels like Wisteria Lane minus the desperate housewives. There are ample outdoor grounds which are quiet and serene, a perfect place for young families and children.
  • Access to the city is easy via Greensborough freeway or Waiora and Heidelberg roads which takes approximately 25 minutes.
  • It is close to Burgundy street cafes and restaurants in Heidelberg and retail and commercial businesses in neighbouring Preston.
  • Public amenities include several hospitals ~ Macleod Repatriation Hospital, Plenty Hospital and Austin Hospital & Repatriation Centre. Local schools include Macleod College, La Trobe Secondary College and Macleod Pre School.
  • Bundoora, which is a neighbouring suburb further north has various new developments, notably University Hill which is an integrated residential, retail and commercial project. This will augur well for investors in Macleod.3WoodlawnCircuitMacleod.jpg


  • Public transport is poor if you live in the Springthorpe development. However, the heart of Macleod is serviced by the Macleod trains whilst buses and trams are available on Plenty road on the western side of La Trobe University.

Investors should take note the average house price in Macleod is $442,000 as at July 2009. Therefore, prices in the Springthorpe estate is significantly higher than the rest of the suburb.


Vital statistics

Median house price $371,000

Average annual growth 10.4%

5-year growth 41.6%

Weekly median advertised rent $300

Gross yield 4.2%

Source: Your Investment Property, July 2009


How it’s calculated:

Median price: Median price for the 12 months to March 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

5-year growth: Median price percentage change over the past 5 years to March 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to March 2009

Gross yield: Estimated rental return, based on advertised rent to median price

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