Ten years ago, Melbourne’s inner-city suburbs were hardly considered a desirable place to set up camp and even less to invest in. Now, with the rise of hipster cafes, dimly-lit wine bars and Instagram, many suburbs have undergone genteel makeovers.
The changing landscape of Melbourne’s suburbs and social trends has been quick to affect demand in the property market. No longer does the great Australian dream include a beautiful house with a garden fit for a game of backyard cricket and a dog.
The dream has evolved to instead deliver the type of lifestyle that a new apartment development nestled smartly and affordably in an up-and-coming neighbourhood just outside the city can offer. The type of lifestyle that enjoys private rooftop drinks, state-of-the-art interior design and views worth taking the stairs for. The type of lifestyle that Abbotsford’s new development The Argyle on Johnston can offer.
Replacing the chaos of the city streets with organic grocery providores, fashionable boutiques and privately-owned brunch venues, Abbotsford is the perfect setting for The Argyle, and the perfect suburb for those seeking to buy into a gentrified area before its prices become less hipster than its vibe.
Examples of Melbourne suburbs that have undergone their rapid revitalisation and experienced the hike in real estate prices include Collingwood, Richmond and Carlton. Their trendy locale has attracted a wave of new buyers and residents.
And as popularity soars, price growth naturally follows – in the last two years alone, Collingwood has seen a capital value increase of 27.3%. So, many investors and owner-occupiers are on the hunt for Melbourne’s next big thing.
Those who can correctly identify where the next gentrification zone will emerge and invest quickly will have better success than those looking in the already-crowded and competitive pockets of the property market.
The boom of gentrification tends to follow a domino effect and take the suburbs one by one in an orderly fashion – Abbotsford has all the telltale signs that it is next on the list.
Developers have reacted fast and begun plans to erect desirable apartment developments in the heart of Abbotsford. Of Abbotsford’s in-progress evolution, SJB Planner Hugh Smyth commented, “Meaningful and quality change is inevitable and will consolidate a sense of place, with high-quality urban renewal.”
The Argyle on Johnston is set to take full advantage of Abbotsford’s perfect combination of vibrant lifestyle, green surrounds and bike paths. With one, two and three bedroom apartments housed inside the beautiful building designed by Fieldwork Architecture, its popularity is growing fast.
“The Argyle is very active in the market of first-time home buyers and owner occupiers – all apartments so far have sold to this type of purchaser. In response, the project’s developer, H Developments, have redrawn a number of the apartments to suit this market,” commented Paul Kinghorn of Bluestone Real Estate.
Inside the apartments, residents will enjoy a soothing natural colour palette, superb finishes and modern functionality. Outside, they will benefit from a luxurious rooftop terrace with bbq facilities and plenty of space to dine or lounge among stellar views.
For a fresh cup of coffee, you won’t have to venture far – the on-site cafe will make a yawn-stopping brew that will see you through til lunch time. If you fancy a little extra legwork when seeking out your daily dose of caffeine, there are plenty of cool cafes popping up in Abbotsford along Johnston Street and plenty more to be discovered along Smith and Brunswick Streets.
Bowing to the hallmark of nouveau gentrified suburbia, Abbotsford enjoys its microculture devoid of suits and tourists while maintaining enviable connectivity to city life – the CBD can be reached in a matter of minutes by train. Nine minutes, to be exact.
The secret is out. Abbotsford is the place to buy and The Argyle on Johnston is the place to be. With apartment prices starting at just $389,000 for a one bedroom apartment, $555,000 for two bedrooms and $938,000 for three bedrooms, prospective buyers will be wise to act fast.