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Northcote on most wanted list

Corporate - Home Page
07 July 2021
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Melbourne’s inner-north buyers ‘hot to trot’

Houses in the inner-north suburbs are among the most in-demand in Melbourne.

In the past six months, homes in Fitzroy North received 13,306 hits on, while houses in Northcote attracted 13,209 clicks on the property website.

Other top spots for those looking to buy a house included Blairgowrie, Albert Park, Montmorency, Watsonia and Greensborough.

Described on as a laidback, artsy, inner-city suburb with a neighbourhood vibe, Northcote is an easy tram ride to the city.

“The location only 6km from the CBD is absolutely brilliant,” said Barry Plant Northcote-Preston director Loretta Khoo.

“And with its many attractions, including All Nations Park, CERES, Merri Creek and Darebin bike trails, easy access to trams and trains, and vibrant café culture, it’s no wonder Northcote is a hotspot for buyers.”

With a median house price at $1.57 million, the area is renowned for its diverse range of housing, from charming period homes to modern complexes with stunning city views.

“Period homes are always in hot demand and achieve high prices, as are the well-presented properties in popular pockets and renovated houses on larger blocks,” Ms Khoo said.

A Californian Bungalow at 8 Boothby Street, Northcote, was snapped up by a local first-home buyer for $1.71 million at a competitive auction that attracted 10 bidders.

“The home achieved more than $200,000 above reserve and broke the record for a two-bedroom unrenovated house,” Ms Khoo said.

More than 100 groups visited the home, drawn by its character, location in a leafy pocket, and potential.

The buyer plans to give the property a complete makeover, with the help of her father who is a builder, Ms Khoo said.

Houses are selling quickly in Northcote, including the two-bedroom Californian Bungalow at 143 Victoria Road, Northcote, which changed hands within two days of listing.

The property sold for $1.32 million, a figure significantly above what the seller had expected.

Three buyers on the agency’s database, including two first-home buyers, competed for the home that was sold to third-home buyers, an older couple from Thornbury, who plan to renovate the property.

“The buyers on our database are hot to trot and many are from the Darebin area wanting to stay here,” Ms Khoo said.

The property was owned by an investor, according to Ms Khoo.

“A fair few investors are selling their rental properties because of the new tenancy regulations,” she said.

“More of the older rental properties are coming on the market.”

A rising number of investors are also returning to the market and adding to the demand for homes.

An updated investment property at 4/34 Mitchell Street, Northcote, in the coveted Ruckers Hill precinct, sold for more than $600,000, to an investor who lived around the corner.

Eight registered bidders, mainly first-home buyers, battled for the home, Ms Khoo said.

A first-home buyer from neighbouring Ivanhoe won the keys to a two-bedroom tri-level townhouse at 58A Gadd Street, Northcote.

One of eight bidders, the buyer splashed $782,000 on the property with a rooftop terrace and city views.

“The auction was brought forward because of the recent lockdown,” Ms Khoo said.

“And the buyer was attracted to the property’s location and affordability.”

Corporate - Home Page
07 July 2021
Save Article

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