Melbourne’s booming property market is making traditionally unfashionable suburbs more popular.
In the last two decades ago, Collingwood is one area to have undergone a major transformation and it has been suggested that the area is catching up with desirable Fitzroy. Marketing services within Melbourne can be used by businesses wishing to make the most of the changes affecting the different zones of the city.
Preston is one of Melbourne’s flourishing suburbs, where house prices have jumped as families and young people have flowed into the area. The median house value for Preston has increased by over $200,000 in a period of about three years, especially since the core of Melbourne is only around nine kilometres away.
Luke Sacco, a partner for Nelson Alexander Northcote, has perceived what has happened to Preston in recent years. Sacco explained that the thriving High Street has pushed up local house prices, telling Domain News:
“Shops that were closed are now cafes, bookshops and barbers, and the more industrial businesses have moved out of Preston to Reservoir where the land is cheaper.”
According to Sacco, community spirit in Preston is on the up, showing that rising property values in Melbourne do not necessarily have a negative impact on community cohesion. The mixture of residents is of importance in this context; Preston is a multicultural suburb inhabited by people from various demographic groups.
