Project Sub Urban
Image by Takver, Victoria St Mall at Coburg Carnivale, https://www.flickr.com/photos/takver/15413732686, under CC licence: https://creativecommons.org/licenses/by-sa/2.0/
Close to the city & Culturally diverse: Investing in Coburg
In an ongoing series of Melbourne suburb profiles, Jeff Grochowski from Accrue Real Estate discusses the lifestyle and property investment potential of Coburg.
Coburg has been one of Melbourne’s most multi-cultural suburbs for a long time. It has had a strong Greek and Italian presence since the 1950’s and now in recent years Coburg has seen an influx of people from Arabic backgrounds. It proximity to the city – only 8km from the CBD – has also made it attractive to younger professionals, some of these with young families. Coburg has a population of 24976 residents
As one of Melbourne’s oldest suburbs, Coburg has a rich history. The suburb was originally named Pentridge but once this name became synonymous with the suburb’s bluestone prison, residents requested a change. Pentridge prison is now gone altogether, replaced by a wonderful residential development. The legacy of the prison is still seen in the magnificent bluestone laneways around suburban Melbourne, created by the stone from nearby the prisoners spent their days breaking up.
Coburg is one of the best-served suburbs for public transport in Melbourne, serviced by four stations, Moreland and Coburg in the south and Batman and Merlynston in the north. There are three tram lines in the area: Route 19 along Sydney Road, Route 1 starts at Bell Street and route 6 at Moreland Road. All these trams travel through the city, making the Coburg the perfect place for the commuter.
While next door neighbour Brunswick is a little faster-paced, Coburg has a much more casual and relaxed vibe. The Coburg end of Sydney Road has just as many amazing shops and cafés – foods from many cultures, fashion and lots of curios at bargain prices.
The suburb also boasts one of Melbourne’s last remaining drive in theatres – which doubles as a trash and treasure market on a Sunday. A morning spent browsing for bargains, can be followed by picnic lunch at Lake Reserve before a pleasant afternoon cycling along the Merri Creek trail. Top the day off by attending a gig at The Post Office Hotel, where you can also select from a menu of fresh contemporary dishes and house-made artisan pizzas.
With the median price for a 1-bedroom unit under $320,000 and a 2-bedroom unit at $514,000*, Coburg represents a great place for investment. Over 35% of the population are aged between 25 and 39, a group consisting of those who are beginning to build a family and those with young families, meaning a high rental demand and diversity of tenant.
With its cultural diversity andclose proximity to the city centre, Coburg could be the place for your next investment.
Contact Accrue Real Estate to learn more about Coburg and other Melbourne property investment opportunities.