A comprehensive guide to Inner Melbourne’s built fabric, by the CREATE By Secret Agent Team.
Buying in Inner Melbourne
As a local, trusted buyer’s advocate, Secret Agent’s goal is to provide you with the information you need to make an informed purchase within the inner Melbourne market. This short guide provides an insight into each inner region and suburb, property types and the nature of the property cycle.
About inner Melbourne's suburbs
About Melbourne's inner regions
CBD, Docklands, SouthbankAround the inner city, new apartment developments are common. Warehouse and Art Deco apartments are harder to find, and often come with a premium.
Properties in this region are usually smaller than average, and are relatively affordable.
Brunswick, Brunswick East, Carlton, Carlton North, Clifton Hill, Collingwood, Fitzroy, Fitzroy North, Northcote, North Melbourne, Parkville, Princes HillThe inner North can be divided into several pockets: gentrifying, established and youthful. As a whole region, prices are average, with some exceptions.
Home to many universities, the northern region has a younger demographic on average, with growing families in the mix.
Abbotsford, Burnley, Cremorne, East Melbourne, Hawthorn, Prahran, Richmond, South YarraInner Eastern suburbs are more affluent on average, particularly around East Melbourne, where some of the most expensive homes can be found.
Hawthorn boasts some of the biggest houses and land area, whilst having an affordable price per square metre.
Albert Park, Middle Park, Port Melbourne, South MelbourneThis bayside region is home to Melbourne's most exclusive and established suburbs.
Albert Park and Middle Park have maintained a strong period character in the streetscape, with little to no new developments. Port Melbourne and South Melbourne have some of Melbourne's most expensive apartments per square metre.
Flemington, Kensington, Travancore, West MelbourneThe up-and-coming, gentrifying suburbs of the inner West are the most affordable out of all regions.
This region presents a ripe opportunity for buyers to secure quality property at a reasonable price, compared to all other parts of Melbourne.
Types of property in Melbourne
The most common styles are Victorian or Edwardian terraces. Select suburbs have a strong period character in the streetscape, such as in Princes Hill, Albert Park, Middle Park and East Melbourne. These are heavily protected by heritage overlays.
Houses are the most expensive type of property in inner Melbourne, and are also the most limited in supply.
These make up almost 90% of properties available in the inner city market, and will continue to grow as new developments near completion. Apartments are usually affordable, with exceptions depending on the suburb and type of apartment.
Types of apartments include: Art Deco, warehouse conversions, 60s-80s brick, and new developments.
Townhouses are a cheaper alternative to houses, albeit without the scarcity and historic value of the latter. These are sometimes managed by an owners corporation, depending on the nature of the development.
Property seasonality: when to buy?
March is often highly active. In April, listings tend to drop because of the two public holiday weekends (Easter and ANZAC day). Moderate turnover can be expected in May.
Low levels of stock accompany the colder months of Winter. August is variable, with normally moderate turnover.
Stock levels usually rise in Spring, with the high turnover beginning in September and continuing into early December.
As the year comes to a close with the holiday and festive season, the property market starts to slow down. Fewer listings produce lower levels of choice.
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