Buying in: Fitzroy North (VIC)
Source: Domain.com.au 2024
Buying in Fitzroy North: A Complete Guide for Homebuyers and Investors
Fitzroy North is a charming, leafy suburb that offers a blend of heritage architecture, a relaxed lifestyle, and a close-knit community feel. Located just 4 km north of Melbourne's CBD, it combines the bohemian vibe of its neighbor, Fitzroy, with a quieter, more residential atmosphere. If you’re considering buying a property in Fitzroy North, this guide will provide you with insights into the area’s property market, the pros and cons of living there, and useful tips for prospective buyers.
Why Fitzroy North?
Fitzroy North is known for its beautiful, tree-lined streets, historic homes, and a strong sense of community. The suburb has a more laid-back feel compared to Fitzroy, but still offers easy access to the vibrant culture, cafes, and shops that the neighboring areas are famous for. The suburb is dotted with green spaces, such as Edinburgh Gardens, making it ideal for families, young professionals, and anyone who enjoys a balance of urban convenience and natural beauty.
The suburb is also well-connected to the city, with multiple tram lines and bike paths providing quick and easy access to Melbourne’s CBD. Fitzroy North is home to a diverse population, including families, young professionals, and retirees, all of whom are drawn to the area’s village-like charm, excellent amenities, and proximity to the city centre.
Fitzroy North Property Market
Fitzroy North’s property market is competitive, with a mix of heritage homes, contemporary apartments, and stylish townhouses. Here’s a closer look at the current market:
Property Types: The suburb is known for its Victorian and Edwardian terraces, California bungalows, and modern townhouses. Many of the older homes have been beautifully restored, blending historic features with modern comforts. Fitzroy North also has a number of boutique apartment developments, catering to those who prefer a low-maintenance lifestyle.
Price Trends: According to recent data from realestate.com.au, Fitzroy North is one of Melbourne’s more expensive suburbs. As of 2024, the median house price is around $1.75 million, while units are priced at approximately $650,000. Property prices in Fitzroy North have seen steady growth over the years, driven by the suburb’s desirability, proximity to the city, and strong community vibe.
Demand: Fitzroy North remains a popular choice for buyers, especially families who want access to good schools, parks, and a safe, friendly neighborhood. Young professionals are also attracted to the area because of its easy commute to the city, as well as its vibrant social scene. Investors can find good opportunities here too, as rental properties are in high demand, particularly those close to public transport and local amenities.
The Pros and Cons of Buying in Fitzroy North
Pros
Village-Like Atmosphere: One of the biggest draws of Fitzroy North is its village-like feel. With tree-lined streets, charming cafes, and a strong sense of community, it offers a quieter, more relaxed alternative to the hustle and bustle of inner-city life.
Green Spaces: Fitzroy North has an abundance of parks and green spaces, including the popular Edinburgh Gardens, which is a hub for locals. These spaces offer residents the chance to relax, exercise, and socialize, making the suburb especially appealing for families and pet owners.
Architectural Charm: The suburb’s streets are lined with stunning Victorian and Edwardian homes that have been lovingly preserved. For those who appreciate historic architecture, Fitzroy North offers some of the most beautiful period homes in Melbourne.
Proximity to the CBD: Fitzroy North is just a short tram or bike ride from Melbourne’s city centre, making it an ideal location for professionals who want to live close to where they work. The suburb is well-served by public transport, including tram lines and bus routes, which provide easy access to other parts of Melbourne.
Strong Rental Market: For investors, Fitzroy North offers strong rental returns. The area’s appeal to young professionals, students, and families ensures consistent demand for rental properties. Properties near public transport and local amenities are particularly sought after.
Cons
High Property Prices: Fitzroy North’s popularity means that property prices can be high, particularly for family-sized homes. Buyers should be prepared for a competitive market, with properties often selling quickly and at a premium.
Limited Parking: Parking can be a challenge in Fitzroy North, especially for those who live in older terrace houses that don’t come with off-street parking. Street parking is available, but it can be limited, especially during busy times.
Noise and Activity: While Fitzroy North is generally quieter than Fitzroy, some parts of the suburb, especially those close to popular streets like St Georges Road and Brunswick Street North, can experience higher levels of noise and activity. For those seeking a completely serene environment, this might be a consideration.
Is Fitzroy North Right for You?
Fitzroy North is an excellent choice for those who want to enjoy a quieter, more residential lifestyle while still being close to the action. It’s a great option for families looking for a safe, community-focused neighborhood with access to parks, schools, and local amenities. Young professionals will appreciate the easy commute to the CBD and the suburb’s mix of trendy cafes, boutique shops, and social venues. However, those on a tighter budget may find it challenging to find affordable properties in this highly sought-after area.
Tips for Buyers in Fitzroy North
Work with a Buyer’s Agent: Navigating the competitive Fitzroy North property market can be challenging, especially for first-time buyers. A local buyer’s agent in Melbourne can provide valuable insights, help you discover off-market opportunities, and negotiate on your behalf to secure the best deal.
Inspect the Property Carefully: Many homes in Fitzroy North are older, which means they may come with potential maintenance issues. It’s important to conduct thorough building inspections before purchasing, especially if you’re considering a heritage property.
Understand Heritage Restrictions: Fitzroy North has many heritage-listed properties, which can limit what renovations or modifications you’re allowed to make. Be sure to understand any heritage overlays and check with the local council if you’re planning to renovate.
Focus on Location: Different parts of Fitzroy North offer slightly different lifestyles. Properties closer to Edinburgh Gardens or along St Georges Road are popular for their access to green spaces and public transport. If you’re looking for a quieter area, consider streets further away from the main thoroughfares, where traffic and noise levels are lower.
Consider Long-Term Growth: Fitzroy North’s property market has shown consistent growth, and the area continues to attract new developments and amenities. Buying a property here can be seen as a long-term investment, with properties in well-located areas likely to appreciate over time.
Final Thoughts
Fitzroy North remains one of Melbourne’s most desirable suburbs, offering a blend of historic charm, green spaces, and urban convenience. While the high property prices and competitive market may present challenges, the suburb’s strong community feel, excellent amenities, and proximity to the city make it a top choice for a wide range of buyers. For those willing to invest, Fitzroy North offers not just a home but a lifestyle that balances tranquility with urban flair.
If you’re considering buying in Fitzroy North, take the time to explore the area, understand the local market, and connect with experts who can help you navigate the buying process. With the right strategy and a bit of patience, you can find your perfect home in this leafy, charming suburb.
For more advice on buying and renovating properties in Melbourne, don’t forget to check out our other blog posts. Happy house hunting!
