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.”