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 close to the CBD. Prominent suburbs such as Brunswick, Northcote and Thornbury have seen an increase in prices over the last 18 months. Leading many to look at a thriving suburb just 8km from Melbourne CBD, Coburg. 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, the median house price has also jumped by 44.1% since 2011.
Excellent public transport
With four train stations and trams leading direct to the CBD, 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, 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 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.
Future Estate has acquired part of the old Pentridge Prison site and plans to invest over $1 billion 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 regenerate 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 urban, Coburg’s large blocks and hectares of public space give it a a feel 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.