Most Melburnians would ask “Where is Seddon?” because it’s such a small suburb and it only really gentrified strongly between the 2006 and 2011 census data collection.
Seddon is home to just over 5,000 people and is wedged tightly between Yarraville and Footscray in Melbourne’s inner west.
Now a thriving little metropolis of cafes and bars, Seddon also boasts some of the prettiest streets in Melbourne’s west, and some of the smallest house footprints in Melbourne’s inner ring.
Covering a geographical area of only 1 square km, Seddon packs a mighty punch. From converted factories like this recent acquisition of ours to splendid, lacework-framed, pretty two-bedroom cottages in tree-lined streets, and then peppered with tight new medium density townhouses and apartments in converted pubs, the eclectic nature of this postcode’s architecture is quaint, to say the least.
Seddon offers some of Melbourne’s best food and the patrons who queue out the doors and pile up in busy restaurants are testament to this. Common Galaxia serves an intriguing breakfast menu (including a hot chocolate called Miss Floss; a Mork hot chocolate with fairyfloss as a side… if that is sweet enough for you), and diners can enjoy the rear courtyard if they feel like a bit of sunshine striking through the trees. Copper Pot continues to remain a hot favourite for dinner crowds and their set menu doesn’t disappoint the fussiest of foodies. Some of the best bakery products can be sourced from Sour Dough Kitchen on Victoria St, while Yarraville’s sister store to Alfa 1 serves a fast-paced, healthy lunch to those who stop by the Victoria St Alfa 2 store. Not to mention the latest newcomer on the block, Hunters Harvest who serve beautifully presented bowls of healthy and tasty ingredients.
Seddon’s population is diverse, from families to couples to retirees. While 3011 is a trendy little enclave, it’s not so trendy that it doesn’t warmly welcome newcomers. After all, most of Seddon’s residents are newcomers if we profile the change that this area has experienced over the last 15 years.
From a property point of view, what makes Seddon really interesting is the rate of capital growth that this crazy, gentrification phase saw. Unlike almost any other suburb, Seddon experienced capital growth of 8.1% pa over the last five years, but significantly more during the five year period of 2005-2010.
Taking this cute little two-bedroom single front cottage as a real-time example, we secured this for a client earlier this year for $935,000 and tracking the past five sale dates paints a picture that is congruent with the suburb’s historical house price data.
44 O’Farrell St:
Since the 1980 sale date of $24,000, this property has experienced close to 10% growth in 39 years.
Since the 2000 sale price of $223,000, the growth has been close to 8 % over 19 years.
So, what were the magical ingredients that led to such out-performance growth? The answer is simple. Gentrification.
Seddon was considered a higher-crime, lower-income suburb with limited appeal based on the perceived character. The distance to CBD however, and the public transport links (Seddon is the fourth station from Southern Cross on the Werribee, Williamstown and Laverton train lines), challenged those who were seeking value and proximity to work. Neighbouring Yarraville had flourished before-hand and Seddon simply experienced the same market conditions. Still, great value for money when compared to the eastern suburbs within 6km from CBD (Glenferrie, Hawthorn, Prahran and others), Seddon not only has a great community vibe but puts foodie places on the map.