Liv­ing the trendy life

Herald Sun - Property - - SUBURB PROFILE -

THE band of in­ner-north­ern sub­urbs in­clud­ing North­cote, Thorn­bury and Pre­ston are no longer one of Mel­bourne’s hid­den gems.

Buy­ers have wo­ken up to the hip re­gion’s charms and as pop­u­lar­ity rises, prop­erty prices are fol­low­ing suit.

North­cote is the clos­est of the trio to the CBD and paved the way into the city’s mil­lion­dol­lar club last year.

The sub­urb’s me­dian house price crept above the magic mil­lion-dol­lar mark in De­cem­ber, be­fore dip­ping back to $990,000 in June this year, ac­cord­ing to Real Es­tate In­sti­tute of Vic­to­ria fig­ures.

Agents say young fam­i­lies and down­siz­ers are the main groups com­pet­ing for North­cote homes, at­tracted by the sub­urb’s trendy lifestyle, ex­cel­lent public trans­port and a pop­u­lar gov­ern­ment high school zone.

High St is the buzzing heart of the neigh­bour­hood and home to a mix of eater­ies, bou­tique shops and bars.

It is a haven for food­ies, cof­fee lovers and live mu­sic afi­ciona­dos, with plenty of choices for a week­end brunch or a late-night drink.

The area has easy ac­cess to the city, with trams run­ning along High St and St Ge­orges Rd, two train lines and bike paths through the leafy Merri Creek park­land.

The West­garth precinct, at the sub­urb’s south­ern tip, is home to some of the old­est houses, in­clud­ing Vic­to­rian man­sions dat­ing back to the 19th cen­tury.

One sold for $2.782 mil­lion when it came up for auc­tion in De­cem­ber. The grand home at 3 McLach­lan St was built in 1873 and oc­cu­pies a 1650sq m block on the banks of Merri Creek.

Two houses have bro­ken the $2 mil­lion mark this year, ac­cord­ing to CoreLogic RP Data.

A con­tem­po­rary ren­o­va­tion of a 19th cen­tury home fetched top dol­lar at auc­tion last month.

The five-bed­room home at 11 Mitchell St sold for $2.82 mil­lion un­der the ham­mer.

An energy-ef­fi­cient home at 18 Knowles St also proved pop­u­lar, selling for $2.23 mil­lion in March.

Ren­o­vated Vic­to­rian and Ed­war­dian homes make up much of the hous­ing stock in North­cote, but apart­ments are also spring­ing up.

These new de­vel­op­ments are adding more low­main­te­nance, one- and twobed­room apart­ments to the sub­urb’s hous­ing mix.

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