The hipsters’ haven
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.