Long known as the city’s most vibrant and multicultural community, Box Hill is a cosmopolitan suburb in Victoria where global and local communities connect and live in harmony. The suburb offers a compelling opportunity backed by government infrastructure projects, strong buyer demand, and a thriving local economy.
Here are the key reasons to invest in Box Hill real estate:
Strategic Location and Connectivity
Located approximately 14km east of Melbourne’s CBD, Box Hill is well-connected to other major Victorian cities. It is also one of Melbourne’s major transport interchanges outside the city center. The suburb has its own train station on the metropolitan rail network with frequent services to the CBD every 20–30 minutes. It’s also the terminus of the Route 109 tram line that links directly to the city. An extensive bus network and proximity to major roads also improve the suburb’s connectivity.
For residents and businesses, this travel convenience translates into high accessibility, and as a result, there are strong property values and high rental demand – something savvy investors look for in markets they believe will continue to grow over time.
Looking ahead, Box Hill’s connectivity is set to skyrocket with the Suburban Rail Loop (SRL) project. SRL East, a $34+ billion megaproject, is already under construction and will add an underground station at The suburb is officially designated as a major growth centre in Melbourne’s metropolitan plan, and it’s living up to that title – expanding in housing, jobs, education, and more. Crucially, this growth is being guided by both government vision and private capital, cementing its status as Melbourne’s “second CBD” in the east.
Box Hill as part of a new orbital rail line. Box Hill will become SRL’s eastern terminus by 2035, connecting it to six new stations from Cheltenham through Melbourne’s southeast. (Source) As a result, residents will be able to easily reach other key hubs like Monash University, Deakin University via Burwood, and eventually Melbourne Airport without going through the CBD.
Investors can anticipate improved accessibility to push real estate demand higher – properties located near current and future transport nodes typically achieve greater capital growth due to their appeal to both tenants and owner-occupiers.
Major Infrastructure and Government Projects
Public infrastructure investment in Box Hill is at an all-time high, signaling strong government confidence in the suburb’s future. The most prominent project is the Suburban Rail Loop East, which we have already discussed.
The Victorian government is backing this project not only with funding but also supportive planning policies – it has even assumed planning control within a 1.6km radius of the future Box Hill SRL station to ensure development maximizes the potential of this infrastructure. For investors, it means more development sites and a bet that the growing population and economic activity in Box Hill will continue to increase.
In addition to transport, government spending is improving local amenities. A notable example is the Box Hill City Oval redevelopment, a partnership project between local, state, and federal governments to modernize the suburb’s sports and community facilities. (Source) Such projects enhance the lifestyle appeal of Box Hill, making it a more attractive place to live and thereby supporting property demand.
Existing major institutions also encourage ongoing investment: Box Hill Hospital—a large public hospital serving Melbourne’s east—underwent a major redevelopment in recent years. A new 20-storey medical and education facility, Wellington Health, is under construction as an extension of the hospital, adding state-of-the-art medical services by 2024. (Source)
Box Hill is effectively becoming a health and education hub – it’s home to one of Melbourne’s largest TAFE campuses (Box Hill Institute) and reputed schools – which draws students, healthcare professionals, and enterprises to the area.
Government and institutional projects like these not only create jobs but also spur demand for housing and office space, reinforcing the suburb’s growth trajectory.
Urban Development and Growth Initiatives
A landmark privately funded project leading this transformation is Vicinity Centres’ Box Hill Central redevelopment – a masterplan to turn the central shopping district into a mixed-use urban precinct. Approved in 2024 under a fast-track program, this $1.57 billion plan will deliver seven new skyscrapers, ranging from 19 to 50 storeys, clustered around a new town square and the future SRL station. It includes about 1,700 new apartments along with commercial and retail space, essentially creating an extended modern downtown in Box Hill. (Source) Four of these towers will eclipse Box Hill’s current tallest building (the 36-storey Sky One), underscoring the scale of change underway. (Source)
For investors, this development is significant: it signals confidence from major investors/developers and will draw thousands of new residents, businesses, and shoppers to Box Hill.
APH Holding, a major private developer, has over $3 billion worth of projects in the pipeline for Box Hills. The firm recently secured approval for a 19-storey five-star hotel and a 15-storey premium office tower along Whitehorse Road, as well as a large business park (APH City Park).
This private-sector momentum means billions of dollars of urban renewal are flowing into Box Hill, dramatically modernizing it and increasing its investment appeal year by year.
Strong Demographics and Economic Fundamentals
Between 2016 and 2021 alone, Box Hill’s population jumped by about 26% – a surge largely driven by young professionals, students, and families attracted to the area, reflecting the suburb’s desirability. (Source)
For property investors, rapid population growth often translates into higher demand for housing, rental returns, and property values.
Box Hill’s regional economy is another strength. It’s not just a dormitory suburb of commuters; it’s an employment hub in its own right. The area hosts some large corporate offices, medical and educational institutions, and a thriving retail sector.
Property market data for Box Hill
| Aspects ⬇️ | House | Apartment |
| Median price | $1.6–$1.8 million | $500,000 |
| Rental yield | Around 2.2% | Around 5–6% |
| Median weekly rent | $608 | $583 |
Entry prices for units are more affordable than in inner Melbourne, opening opportunities for investors to buy in at reasonable prices.
High rental demand is evident: the vacancy rate is low, with rentals turning over quickly. This strong rental market is fueled by the continual stream of students and young professionals in the area, meaning investors can expect reliable tenancy and income.
Vibrant Lifestyle and Amenities
Box Hill Central shopping centre (and the surrounding retail streets) is a major drawcard, offering everything from department stores and supermarkets to specialty Asian grocers. Food lovers know Box Hill for its authentic Asian eateries, fresh food markets, and café culture. This cultural vibrancy keeps the suburb lively and in demand.
The suburb and its immediate surroundings host high-quality schools (including the top-ranked Box Hill High School) and nearby private colleges such as Kingswood College and PLC. Such schooling options enhance property appeal for long-term family tenants and homebuyers.
Box Hill also has several excellent recreational parks, sports grounds, community facilities, and even an indoor aquatic center (Aqualink). The recently upgraded Box Hill Gardens provide green open space in the heart of the suburb.
The planned new town square in the Box Hill Central redevelopment will add more public space for events and gatherings. This emphasis on livability ensures Box Hill will continue to be an attractive place to live.
A Promising Investment Outlook
Bringing it all together, Box Hill presents a compelling destination for real estate investors. Of course, as with any market, it’s wise to conduct due diligence – but the trends in Box Hill are overwhelmingly positive. It combines all critical ingredients for growth: strategic location, massive infrastructure investment, ongoing urban renewal, strong demographic trends, and superb amenities.
The suburb is officially designated as a major growth centre in Melbourne’s metropolitan plan, and it’s living up to that title – expanding in housing, jobs, education, and more. Crucially, this growth is being guided by both government vision and private capital, cementing its status as Melbourne’s “second CBD” in the east.
From an investor’s perspective, Invest in Box Hill now offers strong long-term capital growth and solid rental returns.
