Brunswick is long gone. Coburg, Thornbury, Preston too. And now the cafe brigade is continuing its march north.
Melbourne’s cool kid mecca – the inner north – has become increasingly expensive and, in turn, the trendy crowd is being forced to migrate above the long-understood hipster proof fence: Bell Street. One of Melbourne’s busiest roads has for years been the great divide of the north, and routinely held property prices back by hundreds of thousands of dollars.
But even Coburg North, a suburb well above the Bell Street threshold, has soared in price and cache, with the median house price now at $767,500. CoNo, as the trendy locals apparently call it, is now out of reach of many young buyers.
Australian capital city house prices continued to push higher in July, according to latest data released by CoreLogic on Monday.
The group’s Home Value Index rose by a further 0.8% last month, leaving capital city house prices up 6.1% from a year earlier.
Brexit will boost Australia's residential property market as the UK decision to leave the European Union will increase perceptions of the market's safe-haven status, observers say.
New REIV data shows that the outer north is especially solid - Craigieburn is leading the way, with auction volumes increasing 45 per cent and sales up a significant 88 per cent over 2015 figures.
In the article, written by Paul Bird, REIV Chief Executive Officer, Geoff White, said growth in Melbourne’s north was being driven by buyers seeking affordability.