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February 6, 2016

Five Melbourne suburbs to watch for renovation potential

Richmond – houses

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Richmond is a suburb just 3.8 kilometres southeast of the Melbourne CBD.

Its popularity arises from its proximity and easy access to the CBD, as well as the well-built, historic homes.

The suburb is amply supplied with light rail and train services. Houses here are typically small, historic homes of federation or art deco build and have beautiful period features.

The median house in Richmond has a high price tag of $1,112,000, according to Onthehouse.com.au.

However, suburbs close to the CBD in the long term are likely to gain value because of a higher rate of jobs growth.

With 116 streets in the suburb that have renovation potential, this suburb is well worth considering for renovation projects.

Cheltenham – houses

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With a median house value estimate of $768,000, Cheltenham’s one of the more affordable suburbs in Melbourne’s southeast.

Quaint, historic, cottage and bungalow-style houses are abundant here, with some streets holding excellent renovation opportunity.

Cheltenham is less than 5 kilometres from Parkdale beaches.

The suburb’s home to a Westfield, golf club, schools and medical facilities.

The suburb is located close to Moorabbin Airport, providing ample local employment opportunities.

Elsternwick – units

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Elsternwick is located 11 kilometres southeast of the Melbourne CBD, less than 4 kilometres from the beaches at Elwood and St Kilda, and just north of the sought-after suburb of Brighton.

There are a variety of unit blocks here, including established blonde brick 1970s apartments and dated, dark-brick blocks from the 1960s – a renovator’s dream.

Within the suburb itself are several shops and restaurants, a train station and light rail services.

Elsternwick is just west of Caulfield Hospital. According to the latest ABS Census data, the most ubiquitous age group in the suburb was 25-29-year-olds, which made up 8.3 per cent of the population.

The workforce here is largely made up of professionals (38.1 per cent), with popular sectors being legal and accounting services.

Armadale – houses

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Armadale is approximately 10 kilometres southeast of the Melbourne CBD, along the Princes Highway.

The suburb is home to Toorak and Armadale train station, as well as light rail services. Like Richmond and Elsternwick, it has a workforce predominantly made up of professionals, who enjoy proximity to the CBD for work and leisure.

Armadale is also less than 6 kilometres from the beaches of St Kilda.

The centre of the suburb is well equipped with shops and restaurants, while the residential areas see houses nestled on leafy streets and good sized plots of land.

Houses in the area range from newly established dwellings to historic homes, with renovation potential existing on 54 streets, according to Onthehouse.com.au.

Northcote – units

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Northcote is a large suburb in the north of Melbourne, located 7.7 kilometres northeast of the CBD.

The southwest of the suburb is bordered by Merri Creek and parklands and it’s serviced by two train lines and light rail services.

The predominant age group, according to the latest Census data, was 30-34-year-olds, making up 10.6 per cent of the population.

The centre of Northcote is home to many commercial facilities, while the residential area is made up of a variety of dwellings from federation to brand new builds.

While new apartment dwellings are being established here, it’s older, more established blocks that hold great renovation potential.

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