DOREEN SUBURBPROFILE. Source: Resolution Research - The State of Victoria January 2015

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1 1 The City of Whittlesea is one of the fastest growing local government areas in Australia, with Doreen identified as one of the principal suburbs to cater for this growth. OVERVIEW Doreen is located approximately 30 kilometres north-east of Melbourne and is shared across the boundaries of the City of Whittlesea and the Shire of Nillumbik. The City of Whittlesea is one of the fastest growing local government areas in Australia, with Doreen identified as one of the principal suburbs to cater for this growth. The suburb is developing into a new community supported by a solid level of infrastructure investment yet still retains a semirural lifestyle. POPULATION The Shire of Whittlesea is projected to experience particularly strong POPULATION PROJECTIONS CITY OF WHITTLESEA 2011 TO , , , , ,000 50, Source: Resolution Research - The State of Victoria January population growth across the translate into an estimated years leading to 2031 in line with demand for more than 40,000 new development of new communities dwellings. and supporting infrastructure throughout the area. 124,000 NEW RESIDENTS More than 6,200 persons per annum are projected to move to the area, resulting into a quantum growth in population of just over 124,000 between 2011 and This growth is projected to DEMAND FOR 40,000 + HOMES

2 In line with the development of new communities within Doreen is the delivery of a significant volume of recreational infrastructure to support the needs of the growing population. 2 DEMOGRAPHICS The suburb of Doreen is principally comprised of families, which, at the time of the 2011 Census made up 62% of all households. Couples without children households, accounted for the second largest proportion of the population, making up 27% of all households. 10% of all dwellings were counted as being occupied by lone persons, with the remaining 2% by group/ share households. The preeminence of the number of one and two person households point to a market which may have an underlying demand for smaller dwelling types in place. In line with the suburb s demographic composition is a dwelling landscape comprised entirely of detached houses. Homes with four or more bedrooms were the dominant dwelling type accounting for 64% of all dwellings throughout the suburb at the time of the 2011 Census. POPULAR FAMILY AREA The suburb is a popular location with both home owners and renters. At the time of the Census 15% of homes were ownedoutright, 72% held under mortgage tenure and 13% rented. HIGH INCOME EARNERS Technicians and Trade Workers accounted for the largest proportion of employed persons (19.5%) followed by Professionals (18.2%) and Clerical/Administrative workers (17.6%). Consistent with this is a population who are typically high income earners with median weekly personal, household and family incomes at significant premiums to those recorded throughout the State. TRANSPORT INFRASTRUCTURE The suburb of Doreen is located approximately 30 kilometres north-east of the Melbourne CBD, residents have quick access to the CBD and surrounding employment and retail nodes via the Metropolitan Ring Road to the South and the Hume Freeway to the West. The suburb has strong links with both public transport infrastructure (bus and train) routes. The nearest train stations to Doreen are South Morang and Hurstbridge. The STRONG TRANSPORT LINKS South Morang Line operates regular services into Flinders Street Station with a travel time of around 40 minutes. The Hurstbridge line runs to Flinders Street station in a journey taking just over 1 hour. Two bus services run through Doreen connecting the area with employment, retail and transport nodes throughout the City of Whittlesea. RECREATIONAL INFRASTRUCTURE In line with the development of new communities within Doreen is the delivery of a significant volume of recreational infrastructure to support the needs of the growing population. The City of Whittlesea recently approved the Doreen Recreation Reserve Master Plan which will see the development of

3 Collectively, across these tertiary institutions, there are thousands of academic and administrative staff employed combined with student enrolments which drive demand for dwellings within the City of Whittlesea. 3 new tennis courts, a picnic space, play equipment, walking paths and community space. HIGH LEVEL OF RECREATIONAL AMENITY In addition to the Doreen Recreational Reserve, the suburb contains a number of major parks including Collingrove Park, Hill Top Park, Lauries Field, Laurimar Town Park and the Laurimar Wetlands. A number of local sporting clubs are based throughout these parks, together with children s play areas and bbq/picnic facilities. Plenty George Park sits on the boarder of Doreen and is the City s major parkland through which the Plenty River runs. Plenty George Park is also home to the popular Yarrambat Golf Course. The Whittlesea Fitness Centre is located just over a ten minute drive from Doreen. The Centre offers a diverse range of health and fitness activities including personal training, yoga, boxing and mum & bub classes. The Whittlesea Swim Centre is also located approximately ten minutes from Doreen. The centre is open 7 days a week and is the largest swim centre in the area offering swimming classes and training for all ages, recreational use and even plays host to children s birthday parties. The Whittlesea Skate Park and BMX Dirt Track is located adjacent to the Swim Centre and is particularly popular facility for skateboard, scooter and BMX riders. EDUCATION Consistent with the large numbers of families in the area is a solid provision of educational institutions located both within Doreen and its immediate surrounds. Doreen Primary School, Laurimar Primary School, Plenty Valley Christian School and the prestigious Ivanhoe Grammar School are all located within the suburb. Neighbouring Mernda is home to St Joseph s Catholic Primary School, Gilson College Mernda and Eltham High School. A number of child care and early learning centres are located within Doreen and the surrounding suburbs including the Laurimar Childcare and Early Learning Centre, Butterflies Childcare & Early Leaning and Eltham College Kids. Twenty minutes drive from the suburb is The Northern Melbourne Institute of TAFE s Epping campus. The TAFE provides a variety of different training courses including accounting, legal and justice studies and civil construction. The Epping campus is the largest provider of industrial training in agriculture, aquaculture, viticulture and winemaking in Australia. The Northern Melbourne Institute of TAFE s Green Skills Centre is co-located within the Epping campus. The Centre provides practical learning opportunities across a range of industry sectors including manufacturing and construction with an educational focus on sustainable and green technologies. Royal Melbourne Institute of Technology (RMIT) Bundoora campus is located 16 kilometres from Doreen. The Bundoora campus is the largest RMIT campus outside the Melbourne CBD. The internationally recognised University offers a diverse range of courses including engineering, education, medical sciences and pharmacology. The Northern Melbourne Institute of TAFE s Northern Lodge Yan Yean campus sits on the border of Doreen and Yan Yean. The educational institution trains

4 The new, multi-million dollar Laurimar Town Centre is located within the heart of Doreen providing the community with access to a diverse range of speciality stores. 4 students in cattle and sheep production, broad hectare farming and other agricultural activities. Collectively, across these tertiary institutions, there are thousands of academic and administrative staff employed and students enrolled which drive demand for dwellings within the City of Whittlesea. HEALTH & MEDICAL A high level of health and medical infrastructure is in place throughout the broader area which services the needs of the resident population. A range of medical centres, general practitioners, dentists and allied health professionals all within a 5 to 15 minute drive of the suburb. Two hospitals are located within a 15 to 20 minute drive from Wollert The Northern Hospital, located in the neighbouring suburb of Epping and the La Trobe Private Hospital in Bundoora. Both hospitals offer an extensive range of services from oncology, orthopaedics, cardiology and maternity. The Northern Hospital is home to one of Victoria s busiest emergency departments. RETAIL The new, multi-million dollar Laurimar Town Centre is located within the heart of Doreen providing the community with access to a diverse range of speciality stores, a Woolworths supermarket, a number of cafes and restaurants, in addition to the Lush Skin & Body Day Spa and the Laurimar Medical Centre. NEW MULTI MILLION TOWN CENTRE Westfield Plenty Valley shopping centre is located a short fifteen minute drive from Doreen in Mill Park. The centre contains a Coles and Woolworths supermarket, Target, Aldi and Kmart department stores and 150 specialty retailers and professional services. The largest shopping centre in the area, Pacific Epping is located within a twenty minute drive of Doreen in neighbouring Epping. The centre is home to 230 stores including Coles, Target, JB Hi-Fi, Dan Murphy s, Aldi, and Big W. The recently completed Urban Diner Restaurant and Entertainment Precinct within the centre is a pedestrian street style piazza containing a range of restaurants and cafes including Hog s Breath Café, Coffee Club and The Groove Train. A large Reading Cinema complex is also located within the precinct together with an open playground for children. Epping Homemaker centre is located directly opposite Pacific Epping. The Centre contains 22 retail outlets including major warehouse tenants including Officeworks and Bunnings. CATERING TO FUTURE GROWTH The Victorian Government s Plan Melbourne policy has been put in place in order to manage sustainable growth throughout the State s fastest growing regions. The City of Whittlesea falls under the Northern Subregion in the Plan, which, by 2050 is expected to grow to reach a population between 500,000 to 700,000 residents. Over this time it is anticipated that the area will have the capacity to accommodate at 83,000 NEW JOBS

5 Our analysis of new, developing communities such as Doreen reveals the delivery of townhouse/semi-detached dwellings into the market meet with strong market support. 5 least 83,000 jobs. Major projects under investigation include the North-East Link, the M80 Upgrade and the Potential Outer Metropolitan Road & Rail Link. The Northern Industrial Precinct, Melbourne Airport and Beveridge Interstate Freight Terminals are anticipated to remain and expand into the major employment nodes throughout the region. The City of Whittlesea s 2014/15 budget laid out a commitment for the delivery of $213 million for more than 100 community services, including $40 million in Capital Works. The Capital Works program includes $5.8 million for the Doreen South Early Learning Centre, $3.15 million for the new Woodland Waters Recreation Reserve pavilion and $1.95 million for the construction of a new kindergarten in Epping North. DETACHED HOUSING MARKET Over the past ten years, the median house price throughout Doreen has recorded solid growth, averaging 3.2% per annum. An analysis of injections of new supply into the market place demonstrates that there is high level of underlying demand in place with sales volumes rising in line with the delivery of new supply. VACANT LAND MARKET The median price of a vacant block of land within Doreen has remained stable over both the long (10 year) and medium (5 year) terms, averaging 1.3% and 1.2% per annum respectively. Consistent with the trend observed throughout the suburb s housing market, underlying demand appears to be strong with sales volumes rising in line with the release of new land into the market place. TOWNHOUSE / SEMI-DETACHED DWELLING MARKET The townhouse market within Doreen remains in its relative infancy with only a handful of dwellings released to market over recent years. Using the detached housing market as a guide, it is likely that this market will reflect a trend of upwards movement in median price over the long term. Our analysis of new, developing communities such as Doreen reveals the delivery of townhouse/ semi-detached dwellings into the market has met with strong market support. This is based on the fact that they offer a more affordable, low-maintenance dwelling when compared with detached houses. These products are generally equally popular across the homeowner and rental markets. RENTAL MARKET CONDITIONS Doreen s rental market has recorded positive growth in median weekly rents over the past five years. Median weekly rents across the two bedroom housing market have risen by $50 per week, three bedroom homes by $30 per week and four bedroom homes by $20 per week. The strong lift in rents across two bedroom homes points to a market where demand may potentially be outstripping supply. At the time of undertaking this research, Doreen was recording a healthy gross rental yield of 4.5%. 3.2 % HIGH GROSS RENTAL YIELD 4.5 %

6 Doreen s rental market has recorded positive growth in median weekly rents over the past five years. 6 AT A GLANCE Doreen is located approximately 30 kilometres north-east of Melbourne in the City of Whittlesea which is one of the fastest growing local government areas in Australia. Doreen is developing into a new community supported by a solid level of infrastructure investment yet still retains a semi-rural lifestyle. More than 6,200 persons per annum are projected to move to the area, resulting into a quantum growth in population of just over 124,000 between 2011 and 2031 to reach an end population of 287,500. This growth is projected to translate into an estimated demand for more than 40,000 new dwellings. The suburb of Doreen is principally comprised of families, which, at the time of the 2011 Census made up 62% of all households. The pre-eminence of the number of one and two person households point to a market which may have an underlying demand for smaller dwelling types in place. The suburb is a popular location with both home owners and renters. At the time of the Census 15% of homes were owned-outright, 72% held under mortgage tenure and 13% rented. Technicians and Trade Workers accounted for the largest proportion of employed persons (19.5%) followed by Professionals (18.2%) and Clerical/Administrative workers (17.6%). Consistent with this is a population who are typically high income earners with median weekly personal, household and family incomes at significant premiums to those recorded throughout the State. The suburb of Doreen is located approximately 30 kilometres north-east of the Melbourne CBD, residents have quick access to the CBD and surrounding employment and retail nodes via the Metropolitan Ring Road to the South and the Hume Freeway to the West. The suburb has strong links with both public transport infrastructure (bus and train) routes. In line with the development of new communities within Doreen is the delivery of a significant volume of recreational infrastructure to support the needs of the growing population. The suburb contains a number of major parks and sits on the boarder of Plenty George Park. Plenty George River Park is the City s major parklands through which the Plenty River runs. Plenty George Park is also home to the popular Yarrambat Golf Course. Consistent with the large numbers of families in the area is a solid provision of educational institutions located both within Doreen and its immediate surrounds. Twenty minutes drive from the suburb is The Northern Melbourne Institute of TAFE s Epping campus. The Northern Melbourne Institute of TAFE s Green Skills Centre is co-located within the Epping campus. Royal Melbourne Institute of Technology (RMIT) Bundoora campus is located 16 kilometres from Doreen. Collectively, across these tertiary institutions, there are thousands of academic and administrative staff employed and students enrolled which drive demand for dwellings within the City of Whittlesea. A high level of health and medical infrastructure is in place throughout the broader area which services the needs of the resident population. A range of medical centres, general practitioners, dentists and allied health professionals all within a 5 to 15 minute drive of the suburb. Two hospitals are located within a 15 to 20 minute drive from Wollert The Northern Hospital, located in the neighbouring suburb of Epping and the La Trobe Private Hospital in Bundoora. The new, multi-million dollar Laurimar Town Centre is located within the heart of Doreen providing the community with access to a diverse range of speciality stores, a Woolworths supermarket, a number of cafes and restaurants, in addition to the Lush Skin & Body Day Spa and the Laurimar Medical Centre. Westfield Plenty Valley shopping centre and the Pacific Epping Centre are both located within a fifteen to twenty minute drive of Doreen. The Victorian Government s Plan Melbourne policy has been put in place in order to manage sustainable growth throughout the State s fastest growing regions. The City of Whittlesea falls under the Northern Subregion in the Plan, which, by 2050 is expected to grow to a population between 500,000 to 700,000 residents. Over this time it is anticipated that the area will have the capacity to accommodate at least 83,000 jobs. Over the past ten years, the median house price throughout Doreen has recorded solid growth, averaging 3.2% per annum. The median price of a vacant block of land within Doreen has remained stable over both the long (10 year) and medium (5 year) terms. Consistent with the trend observed throughout the suburb s housing market, underlying demand appears to be strong with sales volumes rising in line with the release of new land into the market place. Our analysis of new, developing communities such as Doreen reveals the delivery of townhouse/semi-detached dwellings into the market has met with strong support given they offer a more affordable, low-maintenance dwelling when compared with detached houses. Doreen s rental market has recorded positive growth in median weekly rents over the past five years. The strong lift in rents across two bedroom homes points to a market where demand may potentially be outstripping supply. At the time of undertaking this research, Doreen was recording a healthy gross rental yield of 4.5%.