Glitzy Chapel Street or hip Brunswick Street? St Kilda Beach or the Fitzroy Gardens? The rift between Melbourne north and southsiders runs as deep as the Yarra River between them, and while we at Ray White Brunswick see no end to this rivalry, we can assure you buying property north of Melbourne's CBD is a wise investment as one of the world's most livable cities continues to grow. Here are a few reasons why.
Melbourne is Australia's fastest-growing capital city, according to the Australian Bureau of Statistics (ABS), and different suburbs have come up with their own ways to accommodate the roughly 1,760 people moving here each week.
It is impossible to miss the growth of massive residential skyrises just south of Melbourne's CBD. Currently, South Yarra is second only to the CBD in the number of major apartment projects under development, according to Urban Melbourne. While these towers offer one housing solution, buyers after more variety should look north to suburbs like Brunswick that offer all modern amenities with a quintessentially Victorian charm. Brunswick boasts rich architectural diversity with terrace homes and cottages, converted warehouses, and apartment complexes all on the market.
Property values within five kilometers of Melbourne's CBD show little variance in any direction, but prices drop much more steeply if you go even a few kilometers further north than if you venture the same distance south. What does this means for you? A home in Thornbury, just 9km north of Melbourne's CBD, will cost far less to buy or rent than one in Elwood, the same distance south of the city centre. Well served by public transportation, northern suburb properties in Preston, Northcote, and Pascoe Vale are ideal for those who study or work in the city but want to enjoy the affordability and lifestyle of the suburbs.
With its trendy atmosphere, reasonably priced housing and close proximity to Melbourne CBD and universities, it is no surprise young buyers and renters are drawn to Brunswick. The average Brunswick resident is 33 years old, four years younger than the Australian national average, according to the ABS. In Brunswick and other northern Melbourne suburbs, a population of largely young professionals and students means a vibrant, active community, where the arts thrive and there is always something to do or see.
Many Melburnians take their north-south preference as seriously as their footy allegiance or their morning coffee. If you're not fully sold, don't be left behind – get in touch with the team at Ray White Brunswick to explore buying property in Melbourne's north.