This Melbourne suburb has flown under the radar- until now.
Melbourne’s inner North has seen a resurgence in the last few years. As the East becomes increasingly unaffordable, buyers have started looking at other alternatives that still provide proximity to the CBD, good schools and a healthy dose of Melbourne culture. Prominent suburbs such as Brunswick, Northcote and Thornbury have seen a sharp increase in property prices over the last 18 months, leading many to look at Coburg. A thriving suburb just 8km from Melbourne CBD, with a growing population and relatively low prices, Coburg is primed to deliver excellent returns for investors.
Coburg is home to over 27,000 residents, which is expected to grow to 37,000 over the next 20 years. With a rental population of 30%, the vacancy rate sits low at 1.3% and the compound annual growth over the past 12 months has increased by 9.7%. As rental demand for the area grows, so too has the median house price, which has jumped by 44.1% since 2011.
Excellent public transport
With four train stations, the no 19 Sydney Road tram leading direct to the CBD and several bus services, Coburg is one of Melbourne’s best public transport zones. Cycling is also a great option for getting around with Merri Creek Trail and the Upfield Bike Path, as well as bike lanes on most roads.
A multicultural suburb with much of the charm of its North-side neighbours, Coburg is a quickly gentrifying suburb with a vibrant food and entertainment scene. It’s home to the Coburg Drive-in, one of the last in Melbourne, which also regularly hosts a popular Food Truck Festival and is home to a large Trash n Treasure market every Sunday. Bell Street features a range of high-quality restaurants offering various cuisines, chic cafes and the iconic Preston Market.
Melbourne developer Future Estate has acquired part of the old Pentridge Prison site and plans to invest over $1 billion turning it into a new residential neighbourhood. The site will be a community hub consisting of commercial areas, an outdoor cinema, bars, markets and restaurants. The City of Moreland has also developed a plan titled Central Coburg 2020 to execute the regeneration of the Coburg Activity Centre. The council says the plan will provide 3,000 new dwellings, 65,000sqm of additional retail floor space and 14,000 new jobs for local residents.
Although definitively urban, Coburg’s large blocks and over 152 hectares of public space give it an air of suburbia that appeals to renters and owner-occupiers alike. The latest Coburg development, The Terraces at Coburg Quarter, can be found on Investorist now.