Buying in: Princes Hill (VIC)
Source: realestate.com.au 2024
Buying in Princes Hill: A Complete Guide for Homebuyers and Investors
Princes Hill is a small, charming suburb in Melbourne’s inner north, known for its heritage homes, tree-lined streets, and tranquil, community-focused atmosphere. Nestled between Carlton North and Brunswick, and just 3 km north of the CBD, it offers a peaceful, village-like environment with easy access to the city. If you’re considering buying property in Princes Hill, this guide will provide insights into the area’s property market, the pros and cons of living there, and essential tips for prospective buyers.
Why Princes Hill?
Princes Hill is one of Melbourne’s hidden gems. Despite its small size, the suburb has a lot to offer, including beautiful Victorian and Edwardian homes, proximity to parks, and a close-knit community. The suburb's key attraction is its quiet, leafy streets, which provide a stark contrast to the bustling neighborhoods nearby. Princes Hill is also home to Princes Park, one of Melbourne’s largest and most popular green spaces, offering walking and cycling paths, sports facilities, and picnic areas.
The suburb’s proximity to Lygon Street means residents can enjoy the dining, cafes, and boutique shops of Carlton North and Brunswick, while still living in a more tranquil, residential area. The presence of Princes Hill Primary School and Princes Hill Secondary College adds to the area’s appeal for families, as both schools have a strong reputation. Public transport options, including trams and nearby train stations, make commuting to the CBD and other parts of Melbourne easy.
Princes Hill Property Market
The property market in Princes Hill is characterized by its mix of heritage homes and modern townhouses, reflecting the suburb’s blend of old-world charm and modern living. Here’s a closer look at the current market:
Property Types: Princes Hill is well-known for its Victorian terraces, Edwardian cottages, and period-style homes. These properties often feature beautiful period details, such as iron lacework, high ceilings, and ornate fireplaces. In recent years, there have also been some newer developments, including townhouses that offer a more modern, low-maintenance lifestyle while blending into the historic streetscape.
Price Trends: As of 2024, the median house price in Princes Hill is around $1.95 million, while apartments and smaller units are priced at approximately $780,000. Property prices in Princes Hill have shown steady growth over the years, driven by its desirability, limited supply, and proximity to the city. Homes near Princes Park and within walking distance of Lygon Street tend to command higher prices.
Demand: Princes Hill is a tightly held market, with properties rarely coming up for sale. The suburb’s small size and exclusivity contribute to high demand, particularly among families and professionals who value the quiet, residential environment and excellent amenities. Investors may also be attracted to the suburb due to its consistent rental market, driven by demand from families, university staff, and professionals seeking proximity to the CBD.
The Pros and Cons of Buying in Princes Hill
Pros
Quiet, Leafy Atmosphere: Princes Hill is known for its tranquil, green streets, making it one of the more peaceful suburbs close to Melbourne’s CBD. The area’s mature trees, parks, and well-maintained gardens contribute to a relaxed, village-like environment.
Heritage Charm: The suburb’s Victorian and Edwardian homes are a significant draw for those who appreciate historic architecture. Many of these homes have been beautifully restored, retaining their original charm while offering modern comforts.
Proximity to Parks: One of the standout features of Princes Hill is its access to Princes Park. This large green space is perfect for those who enjoy outdoor activities, including running, cycling, or simply relaxing in nature. The park also has sports fields, playgrounds, and off-leash areas for dogs.
Great Schools: Princes Hill is home to Princes Hill Primary School and Princes Hill Secondary College, both of which have excellent reputations. This makes the suburb particularly attractive to families who want to ensure their children receive a quality education close to home.
Access to Amenities: Despite its quiet atmosphere, Princes Hill is just a short walk from the cafes, restaurants, and shops of Lygon Street. This gives residents access to a range of dining and shopping options without having to travel far. The suburb is also well-served by trams, making it easy to reach the CBD and surrounding areas.
Cons
High Property Prices: The exclusivity and limited supply of properties in Princes Hill contribute to higher prices. Buyers should be prepared for a competitive market and potentially higher costs compared to nearby suburbs. First-time buyers may find it challenging to enter the market here.
Limited Housing Supply: Princes Hill is a small suburb, and properties don’t come up for sale frequently. This can make it difficult for buyers to find the right property, and competition for available homes can be fierce.
Parking Challenges: Like many inner-city suburbs with older homes, parking can be an issue in Princes Hill. Many of the historic properties do not have off-street parking, and finding a space on the street can be difficult, especially during peak times.
Is Princes Hill Right for You?
Princes Hill is an ideal choice for buyers who want a peaceful, residential lifestyle close to the city. It’s particularly appealing to families who value access to quality schools, green spaces, and a safe, friendly community. Professionals who work in the CBD will also appreciate the short commute and easy access to public transport. However, the high property prices and limited availability may not suit everyone, so it’s important to consider your budget and long-term goals before making a decision.
Tips for Buyers in Princes Hill
Engage a Local Buyer’s Agent: Given the competitive nature of the Princes Hill property market, working with a local buyer’s agent in Melbourne can be advantageous. They can help you navigate the market, find off-market opportunities, and negotiate the best deal on your behalf.
Inspect for Heritage Conditions: Many homes in Princes Hill are older, and some may be heritage-listed, which can limit the types of renovations or modifications you’re allowed to make. If you’re planning to buy a property with the intention of renovating, check for any heritage overlays and understand the regulations that apply.
Focus on Location: Different parts of Princes Hill offer slightly different experiences. Properties closer to Princes Park are more desirable for those who want easy access to green space, while homes near Lygon Street provide better access to cafes, restaurants, and shops. Decide what aspects are most important to you when choosing a location.
Prepare for a Competitive Market: Properties in Princes Hill can sell quickly, often attracting multiple offers. Be prepared to act fast and have your finances in order if you find a property you’re interested in. Conduct thorough research so you can make a competitive offer when needed.
Consider Long-Term Investment: Princes Hill’s property market has shown consistent growth, and its limited size means 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 attract renters and hold their value well.
Final Thoughts
Princes Hill is a small, exclusive suburb that offers a unique combination of heritage charm, green spaces, and urban convenience. Its proximity to the CBD, excellent schools, and village-like atmosphere make it a top choice for families, professionals, and investors looking for a high-quality lifestyle. While property prices are higher than in some neighboring areas, the benefits of living in Princes Hill often outweigh the costs for those who appreciate its peaceful environment and historic character.
If you’re considering buying in Princes Hill, it’s essential to do your research, explore the suburb, and connect with local experts who can guide you through 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 lovely suburb has to offer.
For more advice on buying and renovating properties in Melbourne, be sure to check out our other blog posts. Happy house hunting!
