North Melbourne is an established Melbourne CBD fringe suburb, offering residents accessibility by foot to major amenity such as the CBD (20mins), Queen Victoria Market (15mins), The University of Melbourne (10 mins) and Royal Melbourne Hospital (5 mins). Key retail and entertainment amenity can be found along North Melbourne’s popular Errol Street and Lygon Street in nearby Carlton.
As a well-established neighbourhood, North Melbourne is revitalising as it transforms a sizeable amount of industrial and commercial area into medium to high density residential.
EXCELLENT TRANSPORT ACCESS
North Melbourne is well connected by road (via Flemington Road, Arden Street, Macaulay Road, and Victoria Street) and is regularly serviced by trams, connecting the suburb to the CBD and neighbouring suburbs,
STRONG CAPITAL GROWTH
North Melbourne is located in the City of Melbourne Local Government Area which contains a high proportion of apartment stock. Sales evidence across the City of Melbourne indicates that apartments in North Melbourne generally achieve a premium over the broader Local Government Area. The median price does fluctuate dependent on the type, style and quality of apartments in the marketplace. However, North Melbourne achieved a premium over the City of Melbourne with a median price of $24,500 higher for the December 2014 half year. North Melbourne has also experienced stronger growth in median apartment prices over the past decade, having grown half of a per cent more per annum than the City of Melbourne. Over the past five years this was even greater at 2.2% per annum and over the past 12 months this difference was 15.5%. Despite this strong price growth, North Melbourne is relatively affordable with median apartment prices being under five times the average household income.
STRONG RENTAL DEMAND
North Melbourne has strong rental demand driven by proximity to the CBD, medical and education hubs, and retail amenity. North Melbourne also has a low vacancy rate of 1.6% (at end 2014)which is almost half that of the Melbourne CBD.
North Melbourne exhibits several key demographic characteristics that differentiate it from Greater Melbourne. These include higher incomes, a higher proportion of white collar workers and a smaller average household size.
STAMP DUTY SAVINGS IN VICTORIA
There are significant stamp duty savings in Victoria when a property is purchased off the plan prior to construction commencing. These concessions are not offered in New South Wales or Queensland.
MORE DETAIL ON NORTH MELBOURNE
For more detail, review this North Melbourne Urbis Report – March 2015 (PDF)
Here is information on Melbourne dwelling prices (link).
Here is information on Victorian economic performance provided by CommSec (PDF)