Area a real high point
YOUNG families looking for a combination of lifestyle and location are flocking to Maribyrnong.
Located just 8km from the CBD, the beautiful vistas and parkland along the Maribyrnong River, Highpoint shopping centre (right) and the inner-city cafe culture of the suburb are drawing buyers to Maribyrnong.
“Younger families can walk the parks, walk the river,” said Stockdale & Leggo franchise and business development manager Stuart Robinson.
“They are willing to pay for a house with easy access to the amenities and infrastructure on offer and that’s what is driving the market.”
The traditionally workingclass suburb has gone through a gentrification over the past decade, which has been reflected in price growth.
The median house price has risen by 12 per cent in the past 12 months, while it has more than doubled in the past 10 years, growing from $372,750 in 2006 to $840,000 in the past year, according to CoreLogic RP Data.
While growth in the unit market has been less substantial, it has also been solid with the median price increasing by 4.3 per cent, from $430,000 to $448,550, in the past year.
Buyers from surrounding areas are moving into the suburb to stay local in an inner city location.
“People who grew up in places like Essendon are looking for their first family homes in a local area close to the city. That’s Maribyrnong,” Mr Robinson said.
“But an increasing number of buyers from the opposite side of the city are making the move from the east to the west as they are recognising what the area has to offer.”
Mr Robinson said the suburb also appealed to buyers from the eastern suburbs as it was comparatively affordable and offered good value for money.
“The amenities, property and infrastructure that is on offer in Maribyrnong is a pretty amazing combination,” Mr Robinson said.
“It’s not surprising it’s a suburb a lot of young buyers want to raise their families in.”