The inner areas of Melbourne are continuing to rise despite the drop in the share market and the interest rate rise.
A two bedroom single fronted Victorian Terrace home at 47 Birkenhead Street, Fitzroy North which was well laid out, but required a new roof sold for $655,000. Before auction the agent estimated that the property would fetch $550,000.
Brunswick continues to achieve high prices as well. A single fronted Victorian Terrace Home at 19 Richardson Street sold for $525,000. The property had a very unusual lay out, with a barely functional galley kitchen.
I read an interesting article in Saturday's Age which mentioned that the inner areas were becoming the domain of the wealthy. The article mentioned the Council of Port Philip in particular, and stated that a family would need to have a combined family income of $175,000 to afford to purchase a basic home in the area.
The article went on to mention that the middle class was being forced out of the area, and now there was an unequal social division. The very wealthy and the very poor (People who lived in Housing Commission Towers) were living alongside each other in various inner suburbs within Melbourne.
Do others think the heat will come out of the inner market? Or do people think that the rise in prices is set to continue?
What will be the consequences of continual price rises in the inner areas?
Regards Jason.
A two bedroom single fronted Victorian Terrace home at 47 Birkenhead Street, Fitzroy North which was well laid out, but required a new roof sold for $655,000. Before auction the agent estimated that the property would fetch $550,000.
Brunswick continues to achieve high prices as well. A single fronted Victorian Terrace Home at 19 Richardson Street sold for $525,000. The property had a very unusual lay out, with a barely functional galley kitchen.
I read an interesting article in Saturday's Age which mentioned that the inner areas were becoming the domain of the wealthy. The article mentioned the Council of Port Philip in particular, and stated that a family would need to have a combined family income of $175,000 to afford to purchase a basic home in the area.
The article went on to mention that the middle class was being forced out of the area, and now there was an unequal social division. The very wealthy and the very poor (People who lived in Housing Commission Towers) were living alongside each other in various inner suburbs within Melbourne.
Do others think the heat will come out of the inner market? Or do people think that the rise in prices is set to continue?
What will be the consequences of continual price rises in the inner areas?
Regards Jason.