Despite Melbourne’s housing downturn and four rate rises already this year, Maribyrnong has remained resilient, with a 15.4 per cent boost pushing its median to $1.05 million. Units in the suburb also recorded strong gains, leaping by 11.2 per cent to $485,500.
By contrast, the Domain House Price Report for September revealed Melbourne’s house median has slipped for the third consecutive quarter, falling by 3.3 per cent to $1.014 million. It is expected to drop below $1 million before the year’s end .
In the same period, unit prices across Melbourne fell by 3.7 per cent.
Just eight kilometres from Melbourne CBD, Maribyrnong is flanked by Maidstone and West Footscray and bounded by the Maribyrnong River. Across the water sit pricier blue-chip postcodes, including Aberfeldie and Moonee Ponds, says Penny Lay of Barry Plant Yarraville .
“It’s a suburb that’s wedged between the busier ones – Footscray, Moonee Ponds and all that – bu t it’s its own central location, where you’ve got l arge houses by the riverside, and units and townhouses,” she says.
The suburb’s wide offering of property types means local buyers usually stay put in the area when they are upsizing or downsizing, Lay says.
“They come for the lifestyle and want to stay within the area, and will pay a premium to stay close to friends and family or to be close to familiar settings.”
The local amenities are what draw a lot of first-time buyers into the area, with the Maribyrnong River and its surrounding walking trails, but also proximity to Highpoint Shopping Centre, and multiple transport depots.
“Some people have said to me that they don’t even need a car while living here,” Lay adds .
The suburb has very distinct pockets and micro communities, including Edgewater, the master planned riverside precinct on the Maribyrnong River, with newer apartments and townhouses. Then there are the waterfront homes along The Esplanade and river bend, which back onto the river and command a premium. Quieter residential pockets border Highpoint and in between.
216/7 Thomas Holmes Street, Maribyrnong VIC 3032
Lay says prices in Maribyrnong have remained buoyant despite softening market conditions across Melbourne because stock remains relatively tight and driven by owner-occupiers with long-term plans who are willing to pay a premium to be in the area.
“The waterfront estate is a lovely, quiet area where there are no through roads, so no one really drives through the estate unless they live there or are visiting someone there,” Lay says. “It backs onto the river and is highly sought after.
“Then you’ve got Edgewater Estate, along La Scala Avenue and Thomas Holmes Street, which is like its own city with modern, stylish units and amazing city views, which really drives the prices up there.
“A lot of buyers prefer being here, where the prices are a bit more premium, because they know that they’re buying for the long term – i t’s not for an investment.”
402/4 La Scala Avenue, Maribyrnong VIC 3032
Lay is currently selling 402/4 La Scala Avenue, listed with a price guide of $600,000 to $650,000 , a two-bedroom, two-bathroom apartment oriented towards the city skyline. “It’s got floor-to-ceiling windows and amazing city views; you basically wake up to the view,” she says.
The agent recently sold another unit on La Scala Avenue that exceeded price expectations for the same reason – it was the views and lifestyle amenities within walking distance that got the deal done, she says.
307/2 La Scala Avenue, Maribyrnong VIC 3032
On the waterfront side, David Vaughan of Nelson Alexander Ascot Vale is selling 2/55 The Esplanade, Maribyrnong . The three-bedroom architectural property, set atop 521 square metres of land, was designed by the vendor’s father, built in 2000, and has been a family home since. A few decades on, the vendors are now downsizing and have placed a reserve on the sale.
“The streetscape, particularly on T he Esplanade, is all larger blocks and larger established family homes; t hey are not as developed as some of the other locations,” Vaughan says. “This has been a very big draw card for families looking to get into the area.
“It’s a pretty highly sought-after location, and not many come up on the street. But when they do, they tend to do really well.”
2/55 The Esplanade, Maribyrnong VIC 3032
Prices in this article are current at the time of publication. Click “view listing” to view the most up-to-date prices.
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