Box Hill

Box Hill is sometimes called Melbourne's second Chinatown, and the description fits. More than half its residents have Chinese ancestry or were born in China, and the result is one of the city's great Asian dining and grocery destinations, Sichuan hotpot, Malaysian kopitiam, Korean BBQ and dumpling houses packed around the station. Box Hill Central sits directly over the train, tram and bus interchange, making the centre intensely convenient. That convenience has driven a high-rise boom, which defines the investment picture. Houses are a thin-yield capital-growth asset, but apartments deliver strong yields near 5.8% from a deep pool of student and migrant renters. The flip side is supply: Box Hill's apartment pipeline is large enough to weigh on unit capital growth. For overseas investors that is actually a fit, since the 2025 established-dwelling ban directs them to precisely this FIRB-approved new apartment stock.

Box Hill in Melbourne, Victoria, Australia