What was once a rural agricultural area, has grown into the thriving and vibrant suburb of Preston – the ultimate destination for any couple, family, first-home buyer or investor. Once considered a ‘hidden gem’, it is now the ultimate hotspot for buyers in the know.
Here’s why you should be considering Preston as the location of your next property purchase:
Preston’s growing growth rate
Melbourne’s North is heating up, and the suburb of Preston is no exception. Neighbouring suburbs, Northcote and Thornbury have seen a boom in the recent years; elevating property prices, increase in amenities, and an influx of cafes, restaurants and bars. Such growth in Preston is imminent. Now is the time to buy before it’s too late.
But don’t just take our word for it. The numbers speak for themselves.
The neighbouring suburb growth rates provide an ample idea as to the potential growth of the suburb – a great place to start for any buyer.
According to realestate.com.au, Thornbury and Northcote are experiencing growth rates of between 7.1% and 7.4% for houses, and 2.2% and 2.4% for units.
Preston is not far behind. Preston has seen a compound growth rate of around 6.7% for houses and 2.0% for units based on five years of sales.
Additionally, it’s important to take note of the differences in average house and unit prices within these areas.
In Thornbury and Northcote, a mere stone throw from Preston, the average house and unit prices are $1,151,000 and $1,304,250, and $550,000 and $568,000 respectively.
Comparatively, Preston has an average house and unit price of $935,000 and $486,000 respectively.
It’s no wonder property investors and owner-occupiers are flocking to purchase property in Preston given it’s such a high-growth area.
Preston offers excellent work/life balance
You’ll never be short of things to do in Preston. This eclectic suburb is always playing host to a myriad of events. There’s the new Darebin’s multi-arts festival FUSE, the popular Preston Twilight Market and Backyard Harvest Festival, just to name a few.
Preston is also home to vast array of shopping experiences. Whether you prefer to shop in shopping centres, markets or on a street, all options are available on your doorstep.
There’s Northland, one of Melbourne’s major shopping centres, with over 300 speciality stores. Then there’s the Preston Market, the lively market that’s made a name of itself within Melbourne as one of its traditional market experiences.
If you live an active lifestyle, there are also a great selection of parks, reserves and walking trails where you can walk the dog, ride a bike or kick around a footy.
Preston is a foodie’s dream
Preston is fast becoming a go-to for foodies all over Melbourne. Yet, perhaps what makes Preston’s food scene so unique is its mishmash of multicultural eateries alongside hipster cafes and bars.
One simply has to wander down High Street or Plenty Road to experience all the delicious food Preston has to offer.
You can peruse some of our favourite brunch spots here, or if you’re looking for more options to explore, we have curated our go-to restaurants, bars and cafés in our Preston e-book which you can download here.
Amenities at your doorstep
One of the most important considerations for young families looking for a new home is proximity to schools.
In Preston, you’ll find a host of primary schools, high schools and specialist schools like Preston Primary School, Sacred Heart School, Preston High School and The Pavilion School, just to name a few.
Preston is even home to La Trobe University Melbourne Campus and Melbourne Polytechnic Tafe.
According to Domain’s School Zones Report, properties in prime school catchment areas can sell for up to 10 to 15 per cent more, making buying a house in Preston a great investment in both your child’s education and your property portfolio.
Preston is also located close to major public hospitals like Austin Hospital and the Mercy Hospital for Women.
Preston has properties for every buyer
As demand for homes in Preston continues to rise, the types of properties available have expanded beyond traditional heritage homes.
Designer apartments and converted warehouses are popping up to attract young, trendy buyers while elegant townhouses are being built for downsizers and young families.
If you’re looking for a luxurious home in the heart of Preston, our latest development EIGHTY could be just the one for you. And these townhomes, of exceptional design and distinguished quality, are selling fast. Enquire here before it’s too late.