North Melbourne being an established high density structured suburb, being approximately 2 kms north-west of the Melbourne Central Business District. It offers an abundance of diversity. In present times North Melbourne continues to undergo restoration which is noted for an abundance of Victorian architecture, commercial and older style industrial areas. The suburb of North Melbourne is bounded by The CityLink Freeway to the west, Victoria Street to the South.
At number 2655th in the list of Australian suburbs ordered by increase in median house value over the last year, North Melbourne, 3051 is in the BOTTOM 40% with a property value increase of -2.10% recorded in median house prices.
North Melbourne, 3051 has offered an average of -2.10% return per annum in house price rises to property investors over the last three years. Sellers are offering property buyers an average discount of -9.48% to buyers in North Melbourne at the moment, which is less than average for the rest of VIC.
At number 1992 in a list of fastest selling suburbs, North Melbourne is just in the bottom half of suburbs in Australia with an average of days on market 104.45 for properties listed there.
Using the current median advertised rental of $500 and the average annual increase in value of a median property of 7.01%, investors should hope to achieve an overall return of 3.71%
Selling points: Predominant housing types are old Victorian-style terrace dwellings warehouses, and some low-rise apartments. In the 1990’s many of the older style factories and warehouses were converted into today’s fashionable loft – style apartments.
Most common properties: Victorian style dwellings, As Is or renovated.
Top amenities: Mixture of Primary and Secondary Schools, Churches, local library, recreational and sporting facilities with Melbourne University being within close proximity.
Local industry and business: Mixture of retail, cafe’s and commercial precinct, fast food stores and supermarkets, hospitals With the main shopping precinct, being Errol Street. With the “Queen Victoria Market” being a well known tourist attraction.
Recent changes: Gentrification of North Melbourne, capitalising on the close proximity to the Central Business District, and easy access to Universities.
Best streets: Errol Street, Victoria Street, Abbotsford Street and Queensberry Street.
Public transport: Infrastructure, West Melbourne Train Station, tram services and bus routes.
Main arteries: CityLink