City only a hop away
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.