Melbourne's most sought-after suburbs among home buyers include former gangland hubs: PropTrack – realestate.com.au
![16 Barrow St, Brunswick - herald sun for real estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
This restored Victorian home is on the market with a price tag of $1.55 million to $1.65 million. The suburb has been one of Melbourne's most popular with home buyers over the past few months.
A Melbourne suburb once known for its robbery hits has made a list of sought-after Melbourne suburbs with prices predicted to soar this year.
Last year, realestate.com.au's most searched suburbs included the inner south-east and east such as Brighton and Toorak, which boast median house prices above $3 million and $4 million respectively.
The median house price was Richmond at $1,392,500, followed by Hawthorn at $2.565 million and South Yarra at $1.801 million.
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But from November 2023 to December 2024, the previously working-class inner north suburbs of Northcote and Brunswick, where typical house prices are $1.62 million and $1.255 million today, have also been on the sought-after list.
Although Brunswick is known today for its cutting-edge street art, cafe culture and music venues, less than two decades ago it was often in the headlines for gang-related crimes.
Between 2004 and 2011, many gangland figures were gunned down in the suburb, including Moran family patriarch Lewis Moran, who was murdered at the Brunswick Club.
Perhaps Brunswick's most famous ex-resident is drug kingpin Tony Mokbel, who ran his criminal empire from a home in Downs St that he no longer owns.
Mokbel demolished the block in 1997 and installed a swimming pool after the explosion of an amphetamine laboratory set up next door.
This three-bedroom home at 66 Rose St., Brunswick, will be auctioned on February 22nd for $1.25-$1.35 million.
![svg%3E](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 768 1024"%3E%3C/svg%3E)
Ex-drug lord and ex-Brunswick resident Tony Mokbel, who wore a wig after his 2007 arrest in Greece. Image: Supply.
Police outside the Brunswick Club where gangster Lewis Moran was shot dead in 2004.
While it's not a given, the most sought-after suburbs could indicate where buyers will flock over the next 12 months, said PropTrack chief economist Paul Ryan.
“These are not price projections, we recognize that there is a lot of interest in the way we think about these places, which often leads to increased demand and can be linked to price increases,” Mr Ryan said.
“I wouldn't be surprised if these suburbs do better for the rest of the year.”
He said an expected rate cut by the Reserve Bank of Australia later this year would give more buyers the confidence to enter the market.
Mr Ryan added that inner-middle ring suburbs had seen a turnaround compared to six to 12 months ago, when the more affordable “mortgage belt” suburbs in Melbourne's outer west and south were more frequently sought after.
11 Rotherwood St, Richmond is for sale with a price guide of $1.4 million-$1.54 million.
Paul Ryan is Chief Economist at PropTrack
Property Investment Specialists of Australia buyer's advocate Keith Bakos said many would-be homeowners were planning to make a move before a potential rate cut or trying to get into the market before competition increased.
A Melbourne-based buyers' advocate said the popularity of high-end suburbs could be driven by opportunistic buyers looking for bargains.
Average house prices fell by 25 per cent in Toorak, 20.5 per cent in South Yarra and 11.9 per cent in Hawthorn last year, according to PropTrack.
Ms Bakos said about 80 per cent of the inquiries she was currently receiving were from interstate investors, particularly from Brisbane, Perth and Adelaide, after property capital increased in 2024.
“They want to spend and many are looking to Melbourne as a value proposition,” Ms Bakos said.
Cate Bakos, the buyer's attorney, said 80 percent of the inquiries she currently receives are from interstate investors.
170 Darebin Rd, Northcote is currently on the market with a price tag of $1.55-$1.65 million.
As for local buyers, he said established homes in Altona Meadows and Werribee in Melbourne's west, Lalor and Thomastown in the northern suburbs and Frankston, Langwarrin and Karingal in the south-east had been popular over the past 12 months.
Closer to the city, Ms Bakos said Northcote and Brunswick offered “incredible convenience” and good schools.
“Northcote is a favorite of the family home market in the inner north and Brunswick is right up there,” Ms Bakos said.
65 Manningtree Rd, Hawthorn is currently on the market, priced at $2.75 million.
24 Loller St, Brighton, Melbourne's fourth most sought-after suburb by house-seekers, is for sale with owner expectations of $3 million to $3.3 million.
Realest Estate's Kamal Kanan said a large number of interstate buyers who have recently moved to Melbourne have taken notice and are looking to buy in “cool” Brunswick, where attractions include nightlife, renowned dining, proximity to the Melbourne CBD and the Merri Creek walking trail. East Brunswick.
When Mr. Canaan decided to sell, he met many residents who liked to talk about Brunswick's transformation from a “dangerous suburb” to the eclectic, trendy center it is today.
“In 1996, 42 percent of the shoppers in Brunswick were immigrants,” Mr. Kanaan said.
“It's now a different kind of resident, with most buyers being young professionals and families of three to four members max, who are attracted by the lifestyle and low-maintenance properties, because you don't get the big backyards.”
While there are often homes for sale that need work, he said, he also sees homes over $1 million on the market.
“There are a lot of developers who grabbed Brunswick before it was cool, and we're seeing a lot of high-end homes with glamour, luxury features and million-dollar-plus prices,” Mr Kanaan said.
2 Kerr Cres, Camberwell is available for sale from $2.48 million to $2.68 million.
6 Evelina Rd, Toorak – for herald sun real estate
Jellis Craig Richmond director Jodie McCarthy said her area was popular with first home buyers, young couples and downsizers due to its proximity to the Melbourne CBD, sports grounds, freeways, restaurants and retail offerings.
Ms McCarthy said there were plenty of small cottage-style, two-bedroom Richmond homes that could be priced from $1 million to $1.2 million.
He said a significant number of homeowners were being sold because of the state government's increased land tax rules, which meant homeowners would now pay more tax if their investment or secondary property was worth $50,000 or more.
30 Stirling St, Kew – Herald Sun for real estate
MELBOURNE CITIES MOST SEARCHED BY HOME BUYERS
Richmond
Median home price: $1.3925 million
Median unit and condo price: $570,000
hawthorn
Median home price: $2.565 million
Median unit and condo price: $582,500
South Yarra
Median home price: $1.801 million
Median unit and condo price: $532,000
6 Evelina Rd, Toorak – for herald sun real estate
Northcote
Median home price: $1.62 million
Median unit and condo price: $643,750
Brighton
Median home price: $3.225 million
Average unit and apartment price: $1,158m
Brunswick
Median home price: $1.255 million
Median unit and condo price: $560,000
26 Through Rd, Camberwell – for herald sun real estate
Kew
Median home price: $2.5 million
Median unit and condo price: $780,000
Toorak
Median home price: $4.614 million
Median unit and condo price: $867,500
Camberwell
Median home price: $2,602,501
Median unit and condo price: $901,250
Malvern
Median home: $2.882 million
Median unit and condo price: $678,500
The information covers the most sought-after Melbourne suburbs on realestate.com.au from November 2023 to December 2024.
Average house prices are January-December 2024.
Sources: PropTrack, realestate.com.au
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