Prices on the rise in several suburbs close to Melbourne city

Northcote and Collingwood are also primed for price growth in the September quarter, according to the Rising Stars 2024 report by Canstar and Hotspotting.

The “rising star” status is based on the suburb’s sales activity, price and rental growth, vacancy rates and infrastructure spending.

The inner-city suburbs of Ascot Vale, located 6km from the CBD, and Brunswick East, 5km, have similar median house and unit prices, according to Hotspotting/Canstar data.

In Ascot Vale, the median price for houses was $1.325 million, while units were priced at $595,000, while in Brunswick East houses have a median price of $1.3 million and units, $565,000.

Barry Plant Brunswick agent Ben Calcagno said Brunswick East was a coveted suburb with tightly held homes.

There was also an abundance of new unit developments, including modern high-rise apartments, and fresh and spacious townhouses.

“There is strong demand for this property type and the market is performing extremely well,” he said.

Entry-level buyers, including first-home buyers and investors, have their pick of affordable apartments, according to Mr Calcagno.

He pointed to the one-bedroom ground-floor apartment at 2/305 Brunswick Road, pictured below, which was snapped up by a local investor who recognised its price growth potential.

2305 Brunswick Road, Brunswick East 2024

“He plans to fully renovate and flip the property,” he said.

A fifth-level two-bedroom apartment at 501/304-310 Lygon Street, pictured below attracted strong interest and sold well beyond expectations to a first-home buyer for $541,000.

“About 70 groups inspected the spacious move-in ready home that features a vast terrace with CBD views,” Mr Calcagno said.

Houses, particularly character period homes that have been restored to their former glory or renovated to meet modern lifestyle needs, continue to be sought-after by buyers seeking value and capital growth.

“Renovated homes are highly valued and this market is as strong as ever,” Mr Calcagno.

Buyers are predominantly families and young professionals drawn to the suburb’s proximity to the CBD, public transport including trains and trams, infrastructure development, vibrant lifestyle attractions and quality schools.

Home inspections are well attended and if priced realistically, properties sell quickly, he added.

In Ascot Vale, buyers also have a good selection of modern units and period homes, according to Barry Plant Essendon agent Walter Mahch.

“There has been good sales activity and strong demand for homes in the area, particularly by families,” he said.

Ascot Vale is sought after because of its proximity to the city, parklands, character homes, and modern developments, he added.

Professional couples were eyeing the three luxury townhomes at 1, 2 & 4/41 Fisher Parade, (pictured below and also the main feature image of this article), priced at $1.7-$2.09 million, Mr Mahch said.

The multi-level homes back on to the lush Maribyrnong River bank and are near scenic trails and parks, Flemington Racecourse, Showground Village, Epsom Road trams, university campus and schools.

And families and downsizers were interested in the tri-level four-bedroom house at 6 Myrnong Crescent, pictured below, which is up for auction on April 27 with $1.9-$2.09 million price hopes.

“This brand new property offers luxurious inner-city living with sweeping rooftop terrace views,” Mr Mahch said.

The serene Moonee Ponds Creek Trail, Ormond Park, Moonee Valley Racecourse, Mount Alexander Road trams, schools, restaurants and cafes are not far away.

Brunswick East and Ascot Vale among Melbourne’s ‘rising star’ suburbs