Having tasted the joys of living in the inner north, the hunger for the finer things in life - in the culinary sense - has never been stronger. Thankfully, foodies are spoiled for choice with our quality providores. The king by name and nature is Carlton institution King & Godfree, which was established in 1870. But a stone’s throw away, on the opposite side of Lygon Street, is the renowned DOC deli and licensed café, and Gerwurzhaus (German for Spice House), which houses the A-Z list of exotic spices. Enoteca is an Italian word for regional or local wine shop, and there are several nearby, including the Gertrude Street Enoteca. Enoteca Sileno in Carlton North takes the experience to the next level, offering regular wine appreciation and cooking classes.
There’s also a range of destination supermarkets, from Brunswick’s Mediterranean Wholesalers, Gervasi Foodworks and BASfoods to Fitzroy North’s Piedemonte’s, Casa Iberica in Johnston Street, and Brunswick West’s Melba Food Hall, to bring the world into your home each and every day. And that’s without mentioning the boutique delights of Simon Johnson in Fitzroy or Albert Street Food and Wine in Brunswick, among many others. But if you’re after everything under one roof, the Queen Victoria Market in North Melbourne is a feast for the senses - from Tuesday to Sunday, excluding Wednesday. Whichever outlet you choose to whet your appetite, it’s reassuring that satisfaction is guaranteed.
Market wrap from Sam Abboud
At a time when energy prices dominate the news, it’s refreshing to see Brunswick West’s landmark eco village continue to make such a powerful statement. Hailed as the ultimate in sustainable living when first proposed by former Moreland Mayor Mike Hill in the mid-1990s, the WestWyck development on the site of the former Brunswick West Primary School at 490-492 Victoria Street has thrived over the past two decades. WestWyck was the first organisation in Australia to secure the One Planet endorsement in recognition of its high-level attention to environment and social outcomes, and its success is mirrored in its results that are well above similar properties in the area. The acclaimed retrofit release’s second stage of 16 properties, in which 11 sold off the plan within a week for between $570,000 and $1.25 million, shows people are prepared to pay a premium to secure their future peace of mind. Only three properties remain, so get in quick. Woodards is also gearing up for a long-term rejuvenation, with renovations starting soon at our Carlton North office at 633 Nicholson Street. Staff from that office will be relocating to Rathdowne Street for 12 months from July 1, as extensions are completed to create a high-tech, one-stop shop for all your property needs. The purpose-built facility will accommodate the entire business - including sales and property management - with its myriad innovations continuing to place Woodards at the forefront of the industry for service, efficiency and best practice.
We’ll keep you updated in coming newsletters about the exciting developments. With four properties already topping $1 million this year, Pascoe Vale South is the latest suburb to benefit from the ripple effect of buyers being priced out of neighbouring suburbs. Just as Carlton and Fitzroy buyers were forced to look further afield in Brunswick and Coburg for value in terms of land and house size, the move towards Bell Street and beyond was highlighted by our $1.465 million sale at 72 Gallipoli Parade in late March. It reflects a general trend across the spectrum of owner-occupiers upgrading from a single-front house to a double-front house, and investors opting for boutique townhouse and apartment complexes, such as the new development of 28 apartments in Nicholson Street, Brunswick East, consisting of 2 bedrooms, 1 to 2 bathrooms and a car space each from $480,000. Due to the burst of activity in the first quarter that ended with Easter and Anzac Day occurring in quick succession, the supply of sales properties has since been unusually low. But the lull in activity has produced good results for those with the vision of being counter-cyclical before the big chill. But, more importantly for those contemplating selling, it points to a busy spring. And that is sure to warm the hearts of many.
If you have any questions about this report or your local area, please feel free to call me on 0401 434 329.
Municipality Overview
Jan - Mar 2014
City of Melbourne The City of Melbourne boasts some of the highest rental returns in the state. The highest is for a 1-bedroom apartment in Carlton returning 8.5%. The vacancy rate in the inner suburbs has also tightened slightly to 3% in March quarter 2014 compared to 3.1% in the previous year. As the most densely populated municipality in Melbourne, more than 80% of homes in the City of Melbourne are flats, units, or apartments. The median unit price has grown by 25% over the past five years to $500,000 in March 2014 with the highest capital growth in East Melbourne (up 51% to $532,250) and Kensington (up 26% to $458,000). About a third of homes in the City of Melbourne was sold by auction in the 12 months ending March 2014 and are more popular in the suburbs of Kensington and Parkville. The clearance rate averaged 73% over this period with the highest in Carlton North at 85%. While prices continued to grow in March quarter 2014, the increase was more moderate as the market grows at a more sustainable pace. Suburbs in the City of Melbourne continue to provide the highest rental returns in the state and will attract demand from buyers.
City of Moreland The City of Moreland includes several popular suburbs such as Brunswick, Coburg, Glenroy, and Pascoe Vale with excellent public transport access and several shops along Sydney Road and Nicholson Street. The municipality is popular for both owner-occupiers and investors with the southern suburbs, such as Brunswick, favoured by investors while the northern suburbs such as Oak Park and Coburg are more popular for families. Over the past ten years, the median house price in the City of Moreland has increased by 85% to $700,000 outpacing the metropolitan average growth of 67%. The highest growth over this period was in Brunswick East which increased by 117% to $919,250. About 56% of homes in the City of Moreland are sold by auction in the 12 months ending March 2014 with the highest number of auctions in Brunswick. The average clearance rate in the municipality was 72% over this period with the highest demand in Fitzroy North and Brunswick with clearance rates in excess of 80%.
City of Yarra The municipality is popular for both investors and owner-occupiers. Collingwood and Fitzroy were more popular for investors while Abbotsford and Clifton Hill attracted more owner-occupiers. Demand has been strong in the City of Yarra over the past 10 years with the median house price increasing by 93% to $926,250 in March 2014. This outpaced the metropolitan average growth of 67%. The highest growth over this period for houses was in Fitzroy which increased by 124% to $1.08 million in March 2014. Nearly two-thirds of sales in the City of Yarra in the 12 months ending March 2014 were sold by auction. The highest share of auctions was in Clifton Hill where 72% of all homes were sold by auction. The average clearance rate in the municipality over this period was 76% which is higher than the metropolitan average of 73%. The highest clearance rate was in Abbotsford at 79%. Suburbs in the City of Yarra continue to be popular to a wide range of buyers and are well-placed to attract further demand.
Key statistics
Jan-Mar 2014
Where we choose to live says much about who we are, but the municipalities in the inner north continue to thrive ‌ as the statistics show.
Houses Lowest sale price: $195,000
96
Lowest sale price: $300,000
288
City of Melbourne
Highest sale price: $3,400,000 City of Moreland
Highest sale price: $3,724,000
houses sold
houses sold
City of Yarra
Highest sale price: $3,000,000
Lowest sale price: $610,000
120 houses sold
Units Lowest sale price: $92,000
524
Lowest sale price: $165,000
230
Lowest sale price: $255,000
160
City of Melbourne
Highest sale price: $2,500,000 City of Moreland
Highest sale price: $1,300,000 City of Yarra
Highest sale price: $1,750,000
units sold
units sold
units sold
Average time on market City of Melbourne
Houses: 25 days
Units: 32 days
City of Moreland
Houses: 30 days
Units: 30 days
641
houses/units for sale today
385
houses/units for sale today
City of Yarra
Houses: 25 days
Units: 26 days
202 houses/units for sale today
Recent Sales
CARLTON NORTH 15 Holtom Street East 4
3
2
FITZROY 128 Gore Street 4
2
$1,350,000
$1,460,000
COBURG 207/14 Bell Street
ASCOT VALE 90 North Street
2
1
1
3
2
1
$380,000
$767,000
CARLTON NORTH 686 Rathdowne Street
CARLTON NORTH 858 Drummond Street
4
1
1
4
2
$1,650,000
$2,550,000
BRUNSWICK 42 Blyth Street
COBURG 62 The Avenue
3
2
2
4
3
4
2
$870,000
$870,000
PRINCES HILL 103 Wilson Street
BRUNSWICK WEST 17/399 Albion Street
3
1
1
2
1
1
$625,000 COBURG 220 Reynard Street 4
1
1
CARLTON NORTH 13/869 Drummond Street 1
1
1
$735,000
$398,000
PASCOE VALE SOUTH 72 Gallipoli Parade
PARKVILLE 32/238 The Avenue
4
3
2
3
2
2
$1,465,000
$995,000
PRINCES HILL 528 Park Street
BRUNSWICK WEST 5S/490-492 & 492AVictoria Street
3
$875,000
1
1
3
1
$1,250,000
1
Sam Abboud Licensed Estate Agent M 0401 434 329 sabboud@woodards.com.au Woodards Carlton 393 Rathdowne Street P 9347 1755 woodards.com.au