Buying in: Eaglemont (VIC)
Source: Domain.com.au 2024
Buying in Eaglemont: A Complete Guide for Homebuyers and Investors
Eaglemont is one of Melbourne’s most exclusive and picturesque suburbs, known for its leafy streets, historic homes, and serene, village-like atmosphere. Situated just 10 km northeast of Melbourne’s CBD, Eaglemont offers a peaceful, residential lifestyle that feels worlds away from the bustle of the city. If you’re considering buying property in this prestigious suburb, this guide will provide insights into the Eaglemont property market, the benefits and drawbacks of living here, and essential tips for prospective buyers.
Why Eaglemont?
Eaglemont is a hidden gem in Melbourne’s northeast, renowned for its elegant homes, tree-lined streets, and sense of tranquility. The suburb has a rich history and features a mix of Art Deco, Edwardian, and mid-century modern architecture, reflecting its heritage and appeal. Unlike some other inner suburbs, Eaglemont is relatively small and tightly held, which helps to maintain its quiet, exclusive feel.
One of the standout features of Eaglemont is its proximity to green spaces and parklands, including the Yarra River parklands and Heide Museum of Modern Art gardens. This makes it a perfect location for those who enjoy outdoor activities such as walking, cycling, and picnicking. The suburb is also home to the Eaglemont Village shopping strip, a quaint area with local cafes, specialty shops, and essential services, contributing to the area’s close-knit community vibe.
Eaglemont Property Market
The property market in Eaglemont is known for its high-end homes and steady demand, particularly from families and professionals seeking space, privacy, and a prestigious address. Here’s what you need to know:
Property Types: Eaglemont is characterized by its grand, historic homes set on large blocks of land. The suburb features a range of Art Deco, Edwardian, and Californian bungalows, many of which have been carefully restored and modernized. There are also mid-century homes that add to the area’s architectural diversity, along with a few contemporary residences. This mix provides options for those who appreciate both classic and modern styles.
Price Trends: As of 2024, the median house price in Eaglemont is around $2.4 million, reflecting the suburb’s exclusivity and appeal. Properties here have seen consistent price growth over the years, driven by demand from families and professionals who value the suburb’s peaceful environment, quality homes, and excellent amenities. Given the large lot sizes and architectural uniqueness, homes in Eaglemont tend to command a premium.
Demand: Eaglemont is a tightly held market, with properties rarely coming up for sale. The suburb’s small size and prestigious reputation mean that demand often outpaces supply, particularly for well-maintained period homes on larger blocks. Investors may also find the area appealing due to its stable long-term growth and desirability among renters looking for a high-quality, family-friendly environment.
The Pros and Cons of Buying in Eaglemont
Pros
Leafy, Tranquil Environment: Eaglemont is known for its peaceful, green surroundings. The suburb’s mature trees, well-maintained gardens, and proximity to parklands create a serene atmosphere, ideal for those seeking a retreat from the city’s hustle and bustle.
Architectural Charm: The suburb boasts a range of beautiful, historic homes with distinctive architectural styles. From grand Art Deco residences to charming Edwardian cottages, Eaglemont’s streets are filled with character. Many of these properties have been meticulously preserved, offering a blend of historical charm and modern comforts.
Proximity to Green Spaces: Eaglemont is surrounded by some of Melbourne’s best parklands, including Yarra Flats Park, Heide Museum gardens, and the Yarra River trails. These green spaces provide ample opportunities for outdoor activities, such as walking, cycling, and picnicking, making it a great choice for nature lovers.
Good Schools and Amenities: Families are drawn to Eaglemont for its access to quality schools, including Ivanhoe Grammar School, Ivanhoe Girls’ Grammar, and Our Lady of Mercy College. The suburb also has easy access to nearby shopping areas, cafes, and essential services in Eaglemont Village and Heidelberg.
Strong Community Feel: Despite its proximity to the city, Eaglemont has a close-knit, village-like community. The local Eaglemont Village shopping strip fosters a sense of connection among residents, with friendly cafes, boutique stores, and community events.
Cons
High Property Prices: The exclusivity and desirability of Eaglemont come with a high price tag. Property prices can be steep, particularly for larger family homes, which may be a barrier for first-time buyers or those on a budget. Buyers should be prepared for a competitive market.
Limited Housing Supply: Eaglemont is a small suburb, and properties rarely come up for sale. This limited availability can make it difficult for buyers to find the right property, and competition for available homes can be intense.
Quiet Atmosphere: While the suburb’s peaceful nature is a major draw for many, those who prefer a more bustling, lively environment might find Eaglemont a bit too quiet. Nearby areas like Ivanhoe and Heidelberg offer more dining, entertainment, and shopping options.
Is Eaglemont Right for You?
Eaglemont is an ideal choice for those who value a high-quality, peaceful lifestyle with access to green spaces and architectural charm. It’s particularly appealing to families who want a safe, spacious environment with access to excellent schools and amenities. Professionals who work in the city but prefer a more tranquil living environment will also find Eaglemont attractive. However, the high property prices and quiet atmosphere may not suit everyone, so it’s essential to consider your lifestyle and budget before making a decision.
Tips for Buyers in Eaglemont
Engage a Local Buyer’s Agent: Given the competitive nature of the Eaglemont property market, working with a local buyer’s agent can be advantageous. They can help you navigate the market, find off-market properties, and negotiate the best deal on your behalf.
Inspect the Property Carefully: Many homes in Eaglemont are older, and some may require maintenance or renovations. It’s important to conduct thorough building inspections to uncover any potential issues, especially if you’re considering a heritage property.
Understand Heritage Restrictions: Eaglemont has a number of heritage-listed properties, which can limit the types of renovations or modifications you’re allowed to make. If you plan to buy a period home, check for any heritage overlays and understand the regulations that apply, particularly if you’re thinking about renovating.
Focus on Location: Different parts of Eaglemont offer slightly different lifestyles. Properties closer to Eaglemont Village provide easy access to cafes, shops, and services, while homes near the Yarra parklands offer more privacy and proximity to nature. Consider what aspects are most important to you when choosing a location within the suburb.
Consider Long-Term Investment: Eaglemont’s property market has shown consistent growth, and its exclusivity and limited size mean demand is likely to remain strong. If you’re buying as an investor, focus on well-maintained properties in prime locations, as these tend to hold their value well and attract renters who value the area’s lifestyle.
Final Thoughts
Eaglemont is one of Melbourne’s most desirable suburbs, offering a unique combination of heritage charm, green spaces, and urban convenience. Its proximity to the CBD, excellent schools, and serene environment make it a top choice for families, professionals, and investors alike. While property prices may be higher than in some neighboring areas, the benefits of living in Eaglemont often outweigh the costs for those who appreciate its peaceful atmosphere and exclusive feel.
If you’re considering buying in Eaglemont, take the time to explore the area, understand the local market, and connect with experts who can help you navigate the buying process. With careful planning and the right approach, you can find a property that suits your needs and allows you to enjoy everything this elegant, leafy suburb has to offer.
For more advice on buying and renovating properties in Melbourne, be sure to check out our other blog posts. Whether you’re looking for a family home, a luxury residence, or an investment property, Eaglemont has something to offer. Happy house hunting!
