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Small Suburbs, Big Price Growth

Real estate & property news
13 June 2024
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A handful of smaller lesser-known suburbs are packing a punch and outperforming larger Melbourne suburbs with Strathmore and Southbank ranked among Melbourne’s top performers.

Homes in the compact inner-city suburbs of Middle Park, Princes Hill, Travancore and Southbank, and the inner suburb of Strathmore, have increased in value in the 12 months to April this year, according to PropTrack data.

Only 6.8sq km in size with a population of 9,000, Strathmore’s median house price rose 1.37 per cent or $19,909 to $1,473,746.

This self-contained suburb, where the homes are tightly held, is highly sought after, according to Barry Plant Essendon agent Caleb Venneri.

“Young couples love the café lifestyle and proximity to the city,” he said.

Families were drawn to the area because of the quality schools, sporting and recreational facilities, and easy access to shops and transport, he added.

Mr Venneri pointed to the four-bedroom house on 650sq m at 47 Hillsyde Parade, listed with a $1.2-$1.3 million price guide.

FOR SALE 47 Hillside Parade, Strathmore

Since it hit the market, the classic brick house has attracted strong interest from families seeking comfort, space, and a vibrant community atmosphere.

“This is a spacious home on a big block that offers good value for money,” he added.

Another drawcard is the property’s location near cafes, restaurants, grocery stores, Strathmore Bowls Club and Strathmore Secondary College.

A luxury tri-level three-bedroom townhouse at 6/74 Woodland Street, priced at $899,000, is catching the eye of young couples, according to Mr Venneri.

FOR SALE 674 Woodland Street, Strathmore

“Regional buyers wanting a city base are also looking at this affordable property,” he said.

In inner-city Southbank, the median unit price rose 3.45 per cent or $19,615 to $588,051.

The demand for apartments from owner-occupiers had soared in the area, according to Barry Plant Docklands agent Eugene Louey.

“They love the city lifestyle, the beautiful parks, and the restaurants along the Yarra,” he said.

The upgrades to Arts Centre Melbourne, the proximity to the new Woolworths supermarket at Melbourne Square, and the Anzac Station development were adding to the appeal, Mr Louey added.

He noted that one and two-bedroom apartments priced below $600,000 were popular among young first-home buyers, while larger three-bedroom dwellings priced above $750,000 suited cashed-up downsizers and retirees.

The two-bedroom apartment at 2/171 City Road, up for auction on June 15 with $565,000-$600,000 price hopes, is expected to sell well.

FOR SALE 2171 City Road, Southbank

The city-fringe home on the upper ground level of the Melbourne Tower complex, is one of only two in a boutique section featuring a heritage-listed façade.

High ceilings, upgraded wooden flooring, a full-width balcony and a shale stone wall are among the many desirable features of this property set in a complex with an indoor pool, gym and tennis court.

Also, PropTrack data revealed the median value of units jumped 5.04 per cent or $16,531 to $344,204 in Travancore, which is only 0.4sq km in size with a population of 2,000.

In Middle Park, which is 0.9sq km in size with 4000 residents, the median house value rose 2.91 per cent or $75,420 to $2,669,296.

And in Princes Hill, 0.4sq km in size with a population of 2000, the median house value increased 1.62 per cent or $29,091 to $1,826,393.

Real estate & property news
13 June 2024
Save Article

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