Infrastructure and Local Insights
Strong investment continues to spur property market performance across the Inner North, which has long been sought after for its superb location and outstanding local amenity.
The Inner North continues to thrive as a major destination for new infrastructure and lifestyle developments, with a focus on rail projects, parks and recreation upgrades set to further boost market performance and bring a new level of amenity and liveability to the area.
The visionary development of YarraBend in tightly held Alphington is widely regarded as the best mixed-use development site in Melbourne.
The visionary development of YarraBend in tightly held Alphington is widely regarded as the best mixed-use development site in Melbourne. This 16-hectare riverfront space comprising 2,500 homes, 20,000sqm of commercial space and a new primary school, will welcome a new generation of Inner North residents to boost our local economy.
The Fitzroy Gasworks urban village, offering 1,100 apartments, a sports centre and a new state-of-the-art vertical senior high school, will become a vibrant new neighbourhood in the Inner North. The development will also include a new senior campus for Collingwood College and Fitzroy High School, opening in 2022 to give students a greater choice of senior programs and subjects, with a focus on building 21st century skills.
The $1 billion transformation of the 6.7-hectare former Pentridge Prison in Coburg includes a major retail shopping centre with 15-screen cinema and more than 20 speciality stores. By 2026, this centre is expected to reach 186,400 visitors annually, and turnover of $3.4 billion. Future stages will include more than 1,500 residences across 12 residential buildings, and an 18-floor hotel, earmarked to open later this year.
Ongoing investment in local facilities is cementing the Inner North’s reputation as an exceptionally liveable location. This includes the reinvigoration of facilities at Brunswick Street Oval, a $1.68 million investment to improve walking and cycling infrastructure in Moreland, two new pavilions at Clifton Park and a planned $3 million upgrade of Northcote Aquatic and Recreation Centre.
Our vibrant shopping hubs are also in line for regeneration, including Melville Moreland shopping strip, Brunswick West, which will be transformed into a pedestrian-friendly haven by 2023. Saxon St in the heart of Brunswick will also be redeveloped to expand green open space for community and creative activities, and help to improve health, wellbeing and community connection from 2023. And a new council Masterplan has secured the future of the busy Brunswick St precinct as a vibrant community hub, with improved public spaces, better footpaths and a more attractive streetscape.
The Inner North has long been sought for the convenience, outstanding local amenity and vibrant lifestyle it affords. With strong infrastructure and development investment driving fresh interest and demand, the local property market is perfectly placed for continued growth.
© Jellis Craig 2021