Mil­lion-dol­lar sub­urb

Herald Sun - Property - - SUBURB PROFILE -

LEAFY streets and river walks make Essendon one of Mel­bourne’s most pop­u­lar north­ern sub­urbs.

Fam­ily buy­ers are drawn by the qual­ity pe­riod homes, top pri­vate schools and wide range of shops and pub­lic trans­port op­tions.

The sub­urb’s pop­u­lar­ity has caused its me­dian house price, which first topped $1 mil­lion in Au­gust last year, to boom in the past 12 months.

The me­dian house price now sits at $1.11 mil­lion af­ter grow­ing by 18.1 per cent in the past year, ac­cord­ing to CoreLogic RP Data.

“The type of ar­chi­tec­ture, that is the pe­riod houses, re­ally at­tracts buy­ers to the area,” said Stock­dale & Leggo fran­chise and busi­ness de­vel­op­ment man­ager Stu­art Robin­son.

“In terms of hous­ing, there is a va­ri­ety of pe­riod homes as well as qual­ity mod­ern prop­er­ties that com­ple­ment them.”

Fam­ily buy­ers, at­tracted to both th­ese qual­ity prop­er­ties and the pop­u­lar schools, were the main driver of the hous­ing mar­ket, Mr Robin­son said.

“Young, pro­fes­sional fam­i­lies are one of the ma­jor house buy­ers in the area,” he said. “There are fan­tas­tic schools, great shops, so for fam­i­lies with a bit of dis­pos­able cash it is an ab­so­lutely amaz­ing place to live.”

The park­land along the Maribyrnong River was an­other ma­jor draw­card, with bike paths and pic­nic spots adding to the sub­urb’s leafy ap­peal.

“You’ve got park­land around there. There’s play equip­ment, there’s bar­be­cues, there’s sim­ply plenty of places to spend time with fam­i­lies,” Mr Robin­son said.

Buy­ers look­ing for a more af­ford­able en­try point to the de­sir­able sub­urb can con­sider apart­ments, units and town­houses.

The me­dian price for th­ese prop­er­ties has risen to $495,000 af­ter 6 per cent growth dur­ing the past year.

“Peo­ple are look­ing at the in­fra­struc­ture, they are look­ing at the schools, they are look­ing at the shops, and think­ing this would be a great place to live,” Mr Robin­son said.

“To cap all that off it is just 10km from the CBD with easy free­way ac­cess in all di­rec­tions.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.