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Located only 2km from Melbourne CBD, North Melbourne is one of the city’s oldest suburbs. Established in 1840, as a cattle yard, today North Melbourne is a bustling and energetic part of town that offers a relaxed suburban lifestyle with the convenience of being on the CBD’s fringe. While the suburb is home to establishments such as The Drunken Poet, The Last Jar and Twenty and Six Espresso, there’s always more to discover.
North Melbourne is predominantly a middle-class area with pockets occupied by the working-class. Due to its proximity to the city, North Melbourne is a destination of interest to property investors, young professionals and students. This is the ideal place for those looking to settle down as well as those who want to step into the investment market.
With a strong migrant mix, North Melbourne is without a doubt ‘the’ place for those seeking diversity. With an abundance of restaurants serving cuisines from all over the world, the choice between Errol Street and Victoria Street may be difficult.
Errol Street is fast becoming a haven for the up-market shopper with boutique cafes, restaurants and retail stores. Similarly, Victoria Street is transforming into the shopping hub the locals craved. Farmers markets, theatres and weekend stalls add a real sense of community to the already blossoming streets of North Melbourne.
North Melbourne's proximity to the CBD has made it an enticing option for property investors who are looking for an apartment. Over 40% of those both currently living and those aspiring to live in North Melbourne are independent professionals between 25 and 32 who are attracted to the convenience of both North Melbourne’s location and amenities.
The average price for an apartment in North Melbourne ranges at around $485k, with the weekly rental income at $400.