Why the West is best in 2021

New home buyers are moving away from the apparently “cool” addresses in the inner-eastern suburbs for less well known areas in Melbourne’s west and north to get into the property market before it soars out of reach.

With Melbourne’s house and unit prices rising fast, real estate agents say they have never seen such large numbers of home buyers moving across town or across the river to snap up more affordable homes.

Melbourne’s median house price jumped by 4.8 per cent – or nearly $45,000 – over the three months to March to a record-breaking median of $974,397 according to Corelogic’s rp data. 

Apartment prices also soared to a median of $567,793 – a rise of 2.2 per cent, or more than $12,000 – over the same period. 

Many prospective home buyers from the other side of the Yarra have preconceived ideas about what the western suburbs are like, once they see what it’s like and what they can get for the same budget they are always surprised. 

Suburbs like Seddon and Kingsville and Footscray and see that there are cafes and restaurants and wine bars and the same type of demographic and the same type of cool, and then it becomes a value proposition where they can buy a house instead of an apartment and still be the same distance from the city. 

In 2020 the London based global magazine Timeout published an article ranking the “coolest suburbs” in the world. Yarraville, the trendy inner western suburb of Melbourne was featured in 5th place alongside other famous areas such as Downtown LA, Haut-Marais in Paris, Bedford-Stuyvesant, New York and Sham Shui Po in Hong Kong. To see the full article click the link https://www.timeout.com/coolest-neighbourhoods-in-the-world 

Yarraville is a relatively small suburb however it’s the western heart of food, drink and things to do here is pretty remarkable, ranging from landmark Art Deco cinema Sun Theatre to restaurants like the Indigenous-owned restaurant Mabu Mabu and tiny, contemporary Australian fine diner Navi. With an epicurean edge and a perfect balance of residential and recreational, right now there’s no place like Yarraville.

Every day we are meeting buyers looking to make the move into the western suburbs, if you are interested in seeing what your western suburbs property is worth contact Xynergy Realty Altona to receive a no obligation free appraisal today.