It seems that the inner-west may well be Melbourne’s next untapped real estate
Recent house price growth in inner-western suburbs suggests home buyers are finally catching onto Melbourne real estate’s best kept secret.
Such trends are also reflected in statistics from the 2014 June quarter, indicating that house prices in suburbs such as Footscray have grown by 20.7 percent.
Inner-west real estate agents are hardly surprised, as their home buyers are in search of more affordable housing and are attracted to the inner-west for its excellent transportation links and café culture.
In comparison to Melbourne’s inner suburb median house price exceeding $1 million, inner-west house prices remain considerably more affordable, with the median house price sitting at $650,000.
This isn’t the first time the Melbourne real estate market has experienced such gentrification trends, where once lower socio-economic profiled suburbs such as Richmond and Brunswick saw a market shift, developed into more, “up and coming” liveable areas and are now highly sought after locations.
It seems that the inner-west may well be Melbourne’s next untapped real estate ”gold mine”, but in-the-know home buyers are urged to seize the opportunity before the rest of the market catches on.
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