While the Melbourne suburb of Brunswick might be better known for its gritty pubs, second-hand clothing stores, art galleries, and hipsters, it’s also a major star on the property market. According to data reports from Domain Group, the median house price in Brunswick has increased over the past five years by 47.2% ($920,000).
Brunswick is a major standout in the bullish Melbourne property market, with the median house price rising 17.6% in the past year alone. Dr. Andrew Wilson, chief economist of Domain Group, said booming house prices in Brunswick reflect the emergence of the suburb as a “hipsters’ haven,” that is distinguished by its “unique neighbourhood flavour and local characteristics.”
Traditionally a working-class area populated by Italians and Greeks, the suburb is now better known for its strong arts community and dynamic student population, owing to its proximity to the University of Melbourne and RMIT. Just as conveniently, Brunswick is four kilometres north of Melbourne’s CBD, making it ideal for homeowners wanting to get away from the concrete jungle.
As many of the homes are now worth a small fortune, buyers who want to enter the property market but can’t afford a suburban house should consider purchasing units in one of the well-designed high-density apartment blocks. Standout residential complexes include The Commons and Nightingale by Breather Architecture, and Jewel Station’s “new urban village” by Neometro.
These and other residential complexes are attracting a new breed of affluent young professionals, small families, and creative types. They love the new developments and adore the suburb’s fusion cuisine, artisan coffee shops, and artsy weekend activities.
While some of the residential complexes aren’t exactly entry level properties, they’re giving prospective buyers more options than most developments do.
Collections: Mortgage News