Melbourne’s property market has been sluggish, but a handful of suburbs are in demand from buyers chasing lifestyle on a budget.
Unit values are climbing in a string of Melbourne suburbs, bucking the trend of an overall sluggish market.
Closer in, unit prices rose in Kensington, Carlton and Parkville, which also had some medium-density environments rather than high-rise, Lawless said. “People love them,” said Ryan Currie, of Nelson Alexander in Flemington. “They’re not as interested in the newer product.” While a renovated single-front home in Kensington will set you back upwards of $1.1 million, Currie said: “You would be able to get an older style unit for under $600,000 – potentially under $550,000.”Andrew Luke, of Jellis Craig Whitehorse, said: “Buyers are definitely looking for more affordable options if they’re priced out of a standalone house.”
Unlike those in Kensington, most units in the top-performing eastern suburbs are less than 20 years old. One of the best investments is villa units, according to Luke.
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