Buying in: Fitzroy (VIC)
Source: property.com.au 2024
Buying in Fitzroy: A Complete Guide for Homebuyers and Investors
Fitzroy, Melbourne’s oldest suburb, is renowned for its eclectic, bohemian vibe, street art, and a thriving cultural scene. Just 2 km northeast of the CBD, it attracts a mix of artists, young professionals, and families, making it one of the city’s most vibrant and sought-after inner-city suburbs. Whether you’re a first-time buyer, a seasoned investor, or simply looking to move to a unique neighborhood, this guide will provide you with all the essential information about buying in Fitzroy.
Why Fitzroy?
Fitzroy is a suburb that effortlessly blends the old and the new. It’s famous for its street art, cafes, boutiques, and historic buildings, all of which contribute to a lively and creative atmosphere. Known for its hipster culture, Fitzroy has a character unlike any other suburb in Melbourne, with an array of hidden bars, vintage shops, galleries, and unique eateries. The main arteries, Brunswick Street and Gertrude Street, are packed with popular cafes, bars, and stores, making the suburb a hub for food, fashion, and art.
One of the biggest draws of Fitzroy is its proximity to the CBD. Residents can walk, bike, or take a short tram ride to the city centre. Moreover, the suburb has a reputation for embracing diversity and creativity, which attracts a wide range of people, from artists and musicians to young professionals looking for an energetic urban lifestyle.
Fitzroy Property Market
The property market in Fitzroy is competitive, reflecting the high demand for its unique, inner-city lifestyle. Here’s what you need to know:
Property Types: Fitzroy’s architecture is a fascinating mix of Victorian terraces, converted warehouses, modern apartments, and boutique developments. The older properties, with their ornate facades and historical charm, are highly sought after. Over recent years, new developments have emerged, offering sleek, contemporary apartments that appeal to those seeking low-maintenance, urban living.
Price Trends: According to data from realestate.com.au, Fitzroy is one of the pricier inner-city suburbs in Melbourne. As of 2024, the median house price is around $1.7 million, while apartments average around $600,000. Prices have steadily risen over the years, reflecting the suburb’s desirability and vibrant lifestyle. Properties close to Brunswick Street and Gertrude Street tend to command higher prices, especially those with unique, character-filled designs.
Demand: High demand for properties in Fitzroy means competition can be fierce. The suburb’s central location, combined with its reputation as a cultural hotspot, makes it an attractive choice for a variety of buyers, including investors looking for solid rental returns. Apartments and townhouses near popular streets and public transport are particularly sought after.
The Pros and Cons of Buying in Fitzroy
Pros
Vibrant Lifestyle: Fitzroy is famous for its vibrant and artistic culture. With countless cafes, bars, art galleries, and street murals, there’s always something happening. The lively social scene and the sense of community make it a desirable place to live for those who love being in the middle of the action.
Proximity to the CBD: Just 2 km from the city centre, Fitzroy offers easy access to the CBD. For those who work in the city, this means shorter commutes and more time to enjoy the neighborhood’s amenities. Several tram lines also run through Fitzroy, making public transport a convenient option.
Architectural Charm: The suburb is known for its stunning Victorian terraces and converted warehouse apartments, which give it a distinctive character. Living in Fitzroy means being surrounded by history and charm, with many properties featuring beautiful period details.
Strong Rental Market: Investors will find that Fitzroy has a strong rental market, thanks to its appeal to young professionals, students, and creatives. The suburb’s proximity to RMIT University and The University of Melbourne ensures a steady demand for rental properties.
Green Spaces: While Fitzroy is a bustling urban area, it also has plenty of green spaces, including Fitzroy Gardens and Edinburgh Gardens, where residents can relax, picnic, or enjoy outdoor activities.
Cons
High Property Prices: Fitzroy’s popularity comes with a high price tag. Property prices can be steep, which may be a barrier for first-time buyers. Additionally, older homes might require renovation, adding to the overall cost of buying.
Noise and Crowds: Due to its central location and vibrant nightlife, Fitzroy can be noisy, especially on weekends. The bustling streets are filled with people, which adds to the area’s energy but may not suit those seeking a quiet, peaceful neighborhood.
Limited Parking: Parking can be a challenge in Fitzroy, particularly for residents who own cars. Many of the older properties don’t come with off-street parking, and finding a spot on the street can be difficult during peak hours.
Is Fitzroy Right for You?
Fitzroy is perfect for those who crave an urban lifestyle brimming with culture, creativity, and diversity. It’s a suburb that thrives on its uniqueness, with something new to discover around every corner. Young professionals who work in the CBD, artists, and anyone who loves being in the heart of the city’s social scene will find Fitzroy appealing. However, the high property prices and busy environment may not be ideal for families looking for more space or a quieter suburb.
Tips for Buyers in Fitzroy
Work with a Buyer’s Agent: Navigating Fitzroy’s competitive property market can be challenging. A local buyer’s agent in Melbourne can offer valuable insights, help you discover off-market opportunities, and negotiate the best price for you.
Understand the Property’s Condition: Many of Fitzroy’s homes are older, meaning they might require more maintenance. Conduct thorough building inspections to understand any potential issues. If you are considering a warehouse conversion, check for quality of construction and ensure that it meets modern living standards.
Focus on Location: Fitzroy has distinct pockets, each with its own character. Properties closer to Brunswick Street and Gertrude Street are at the heart of the action, but they may come with higher noise levels. For a slightly quieter experience, consider streets further north, near Smith Street or the border with Collingwood.
Check for Heritage Overlays: Many properties in Fitzroy are heritage-listed, which can limit the changes you can make. If you’re planning to renovate, be aware of any restrictions and obtain the necessary approvals from the local council.
Consider Long-Term Investment: Fitzroy’s property market has shown consistent growth over the years. If you’re purchasing for investment purposes, look for properties with unique features or those near popular attractions, as these tend to hold their value well and attract renters.
Final Thoughts
Fitzroy is a suburb that stands out for its creative spirit, unique architecture, and lively culture. Buying in Fitzroy means more than just purchasing a property—it’s about embracing a lifestyle. The suburb’s blend of history, art, and modern amenities makes it a desirable location for many, though it may not be the right fit for everyone. Buyers should be prepared for high property prices and a bustling environment, but for those who value the energy of city life and a neighborhood with character, Fitzroy is hard to beat.
If you’re considering buying in Fitzroy, take the time to explore the area, understand the local market, and work with experts who can help you navigate the buying process. With the right approach, you can find a home or investment property that suits your needs and allows you to experience the best of this dynamic Melbourne suburb.
For more advice on buying and renovating properties in Melbourne, don’t forget to check out our other blog posts. Happy house hunting!
