City only a hop away

Herald Sun - Property - - SUBURB PROFILE -

A GOLDEN tri­an­gle is push­ing de­mand for fam­ily homes within North Mel­bourne.

The in­ner sub­urb’s bound­aries flank the city’s ma­jor hos­pi­tals, uni­ver­si­ties and cen­tral busi­ness dis­trict.

And with an en­trenched cafe cul­ture and prox­im­ity to at­trac­tions like the Queen Vic­to­ria Mar­ket and zon­ing for Univer­sity High School, it’s easy to see the at­trac­tion.

AlexKarBon North Mel­bourne di­rec­tor Alex Puglia said the sub­urb en­joyed strong buyer de­mand. “Fam­ily homes rarely come on to the mar­ket, so when they do, they’re rarely passed in,” Mr Puglia said.

He said those keen on the sub­urb’s dou­ble-fronted Vic­to­rian era homes in­cluded aca­demics work­ing at nearby Univer­sity of Mel­bourne and RMIT, as well as med­i­cal pro­fes­sion­als need­ing all-hours ac­cess to hos­pi­tals in­clud­ing the Royal Chil­dren’s, Royal Mel­bourne and Royal Women’s, and young pro­fes­sion­als work­ing in the city.

As a re­sult, some auc­tions at­tract six or seven bid­ders.

But while fam­i­lies seek the big­ger homes and zon­ing to Univer­sity High School, first- home buy­ers and in­vestors are keen on apart­ments, which make up a large pro­por­tion of the dwellings avail­able.

Mr Puglia es­ti­mated up to 70 per cent of the sub­urb’s apart­ments were owned as in­vest­ments, and leased to a mix of stu­dents, city work­ers and pro­fes­sion­als.

It’s a leisurely walk into the city, but also well ser­viced by trams, buses and North Mel­bourne train sta­tion.

Its work­ing-class history is most ev­i­dent in the rows of work­ers cot­tages and Vic­to­rian ter­races.

But as the sub­urb con­tin­ues to be­come gen­tri­fied, there are new apart­ment com­plexes open­ing up across North Mel­bourne, cre­at­ing a new blend of ar­chi­tec­ture with the older in­ner city styles. North Mel­bourne’s ware­houses are also re­tain­ing the history of the sub­urb’s early years, even though many have been con­verted.

The ev­i­dence of this can be seen as mod­ern build­ing prod­ucts, like cladding and floor-to-ceil­ing glass, start to pro­trude from many of the old brick build­ings.

Kan­ga­roos cap­tain An­drew Swal­low run­ning down Er­rol St, North Mel­bourne.

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