The hip­sters’ haven

Herald Sun - Property - - SUBURB PROFILE - JOR­DAN MAR­SHAL

FITZROY North is where the hip­sters of Mel­bourne’s in­ner north grad­u­ate to when they get older and start hav­ing fam­i­lies.

The vil­lage feel of the shop­ping strip, tree-lined streets filled with Vic­to­rian ter­races and a sur­pris­ing amount of park­land for a sub­urb just 4km from the CBD make this one of Mel­bourne’s most pop­u­lar sub­urbs.

Trendy food, clothes and home­wares stores line St Ge­orges Rd and Scotch­mer St, while there are queues out­side many of the pop­u­lar brunch spots on a Sun­day morn­ing.

“The park­land, in­fra­struc­ture and ac­cess to the city is draw­ing young pro­fes­sional and fam­ily buy­ers to the area,” said Stock­dale & Leggo fran­chise and busi­ness de­vel­op­ment man­ager Stu­art Robin­son.

“The other main group are down­siz­ers mov­ing from big fam­ily homes in the north­ern sub­urbs to the in­ner-city hub.”

The sub­urb’s pop­u­lar­ity with young pro­fes­sion­als and fam­i­lies has seen the me­dian house price grow to $1.198 mil­lion, an in­crease of 18.5 per cent in the past year, ac­cord­ing to CoreLogic RP Data.

“All the life­style ben­e­fits drive prices,” Mr Robin­son said.

“It’s a more ex­pen­sive area be­cause peo­ple love it.

“All the ameni­ties that are here are what buy­ers want.”

Ter­races and other pe­riod houses were par­tic­u­larly favoured by buy­ers.

“Any­thing with pe­riod fea­tures is high on buy­ers’ list,” Mr Robin­son said.

The fact house prices soared in the past 12 months had pushed a lot of young buy­ers to snap up more af­ford­able op­tions.

“There are new de­vel­op­ments that are par­tic­u­larly pop­u­lar with some young buy­ers in the area,” Mr Robin­son said. “For peo­ple who are re­ally keen to get into the area but can’t af­ford houses, new de­vel­op­ments are pro­vid­ing op­por­tu­ni­ties to buy in Fitzroy North.”

The me­dian unit price, which cur­rently sits at $597,500, has re­mained much stead­ier than house prices, with growth lim­ited to 2.2 per cent in the past 12 months.

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