Buying in: Preston (VIC)
Source: realestate.com.au, 2024
Buying in Preston, VIC: A Comprehensive Guide for Property Buyers
Located just 9 kilometers north of Melbourne’s CBD, Preston has become a highly desirable suburb for homebuyers and investors alike. With its diverse community, excellent transport links, and growing number of cafes, shops, and cultural attractions, Preston offers a blend of urban convenience and suburban charm. This guide will walk you through the ins and outs of buying property in Preston, including current market trends, the pros and cons of living in the area, and tips for buyers. By the end, you’ll have a clear understanding of whether Preston is the right place for you.
Why Preston?
1. Location and Accessibility
Preston’s location is one of its biggest assets. It’s situated close to Melbourne’s CBD, making it an ideal suburb for commuters. The suburb is well-connected by public transport, including the Mernda train line, several tram routes (particularly the #86 tram along High Street), and bus services, which makes getting around easy and efficient. For drivers, major roads like St Georges Road and Bell Street provide quick access to surrounding areas.
2. Diverse Community
One of the things that sets Preston apart is its vibrant, multicultural community. The suburb is known for its diverse mix of residents, including young professionals, families, and long-term locals, creating a welcoming and inclusive atmosphere. This diversity is reflected in the wide range of cultural events, markets, and food options available throughout the area.
3. Dining, Shopping, and Entertainment
Preston has a fantastic variety of dining and entertainment options, from trendy cafes and international restaurants to bars and breweries. High Street is a bustling strip with a mix of eateries, shops, and galleries. Preston Market, one of Melbourne’s oldest and largest fresh food markets, is a local icon that offers everything from fresh produce to specialty foods, clothing, and crafts. The market has a strong sense of community and is a must-visit for anyone living in or around the area.
4. Green Spaces and Recreation
Despite its proximity to the city, Preston has plenty of parks and green spaces, making it a great place for families and outdoor enthusiasts. Parks like Ray Bramham Gardens, Adams Reserve, and the nearby Merri Creek Trail provide ample opportunities for picnics, walking, and cycling. The suburb’s focus on green spaces makes it easy to enjoy an active lifestyle.
Preston Property Market
1. Property Types
Preston offers a variety of property types, catering to different preferences and budgets. You’ll find a mix of charming period homes, including weatherboard cottages and California bungalows, along with modern apartments, townhouses, and new developments. Many of the older homes have been renovated, blending traditional features with contemporary design. This mix of old and new gives Preston its unique character.
2. Price Trends
The property market in Preston has experienced significant growth over the past decade, driven by its increasing popularity among buyers seeking affordable alternatives to neighboring suburbs like Thornbury and Northcote. Preston’s appeal has led to a rise in property values, but it still offers relatively good value for money compared to inner-city locations.
As of the latest data:
Median House Price: Approximately AUD 950,000 to AUD 1.1 million
Median Unit Price: Approximately AUD 500,000 to AUD 650,000
While prices can vary significantly depending on the property type and location within Preston, the overall market trend has been upward, reflecting continued demand.
3. Investment Potential
Preston is an attractive suburb for investors, thanks to its strong rental market, consistent demand, and ongoing gentrification. The proximity to Melbourne’s CBD, good public transport, and a growing number of amenities mean rental properties in Preston are rarely vacant for long. Investors can expect solid rental yields, especially for well-maintained houses and modern apartments close to public transport and amenities.
The Pros and Cons of Buying in Preston
Pros
Proximity to Melbourne’s CBD:
Preston is just a short train or tram ride from the heart of Melbourne, making it ideal for those who work in the city but prefer the vibe of a suburban community.
Diverse Housing Options:
From period homes with character to sleek, modern apartments, Preston has a variety of housing styles to suit different tastes and budgets. Buyers can find opportunities to renovate or invest in new developments.
Vibrant Community and Lifestyle:
Preston’s diverse community adds to its vibrant atmosphere, with cultural events, local markets, and a thriving food scene that appeals to people of all backgrounds. The community spirit is one of the key reasons people are drawn to the area.
Green Spaces and Outdoor Activities:
The abundance of parks, reserves, and proximity to walking trails like the Merri Creek Trail means residents can enjoy an active, outdoor lifestyle without leaving the suburb.
Strong Investment Potential:
Preston’s property market has shown consistent growth, and the suburb continues to gentrify. For investors, this means opportunities for capital appreciation and solid rental yields.
Cons
Gentrification and Rising Prices:
The ongoing gentrification of Preston has led to rising property prices, which may make it less affordable for some buyers. While it’s still more affordable than neighboring suburbs, it’s no longer the bargain it once was.
Traffic and Congestion:
Parts of Preston, particularly around busy intersections like Bell Street, can experience heavy traffic during peak hours. This may be a consideration for those who drive regularly.
Noise and Development:
With its growth, Preston has seen a surge in new developments, particularly apartments and townhouses. While this has its benefits, it can also mean more noise and construction activity, especially near the main roads.
Limited Parking in Some Areas:
Due to the high density of some parts of Preston, parking can be challenging, particularly near popular areas like High Street and around Preston Market. Buyers who rely on a car should consider this when looking at properties.
Is Preston Right for You?
Who Will Enjoy Living in Preston?
Young Professionals: Preston’s proximity to the CBD, vibrant local scene, and excellent public transport make it a great choice for young professionals who want an affordable yet lively place to live.
Families: The availability of parks, schools, and a range of housing options makes Preston appealing to families. The community vibe and family-friendly amenities are big draws for those looking to settle down.
Investors: With strong rental demand and ongoing gentrification, Preston presents good opportunities for property investors looking for capital growth and rental income.
Food and Culture Enthusiasts: If you love exploring different cuisines, markets, and cultural events, Preston’s diverse dining and entertainment scene will keep you busy.
Who Might Not Enjoy Living in Preston?
Those Seeking Quiet Suburban Living: Parts of Preston can be quite busy, especially around the main roads and commercial areas. Buyers looking for a quieter, more laid-back suburb might find the pace of life here a bit too lively.
Buyers on a Tight Budget: While Preston is still more affordable than some neighboring suburbs, prices have been on the rise. Buyers with tighter budgets may need to consider other nearby areas like Reservoir or Fawkner for more affordable options.
Tips for Buyers in Preston
1. Explore Different Parts of the Suburb
Preston is a large suburb, and different areas offer different vibes. The west side near High Street is more bustling with shops, cafes, and transport, while the east side near Merri Creek is quieter and greener. Spend time exploring to find the part of Preston that suits you best.
2. Consider Future Developments
Preston is undergoing significant changes, with new developments and infrastructure projects in the pipeline. Check for any planned projects nearby that could affect property values, either positively or negatively. Future upgrades to roads, public transport, and amenities could boost the appeal of your chosen location.
3. Research School Zones and Facilities
Families should look into the local schools, as being in the right school zone can add to property value and desirability. Preston has several well-regarded schools, and properties in sought-after zones often attract competitive bidding.
4. Attend Auctions and Understand the Market
The Preston property market can be competitive, especially for houses in desirable locations. Attend a few auctions to get a sense of how the market operates and what prices to expect. Consider engaging a local buyer’s agent to help navigate the bidding process.
5. Inspect Strata and Body Corporate Fees (for Apartments)
If you’re considering buying an apartment in Preston, make sure to check the strata or body corporate fees and understand what they cover. This will help you budget appropriately and avoid any surprises down the road.
Final Thoughts
Buying in Preston offers the chance to be part of a thriving, diverse community with excellent connectivity to Melbourne’s CBD and a host of local amenities. With its mix of traditional homes, modern developments, and an ever-growing food and cultural scene, Preston appeals to a wide range of buyers, from young professionals to families and investors. However, rising property prices, congestion, and ongoing development are important factors to consider before making a decision.
If you’re drawn to Preston’s dynamic vibe, excellent location, and strong sense of community, it could be the perfect place for your next property purchase. Just make sure to do your research, understand the local market trends, and consider seeking advice from a buyer’s agent in Melbourne. With the right preparation, buying in Preston can be a rewarding experience, whether you’re looking for a home to live in or an investment opportunity.
