Over the last 5 or so years, Melbourne’s inner South – encompassing suburbs such as South Yarra, Windsor, Prahran, and more – has boomed as a property hotspot. The area’s proximity to the CBD, vibrant culture, a plethora of restaurants, parks, sporting venues and more have all attracted the attention of buyers.
But it’s not just the location that sees 30-something-year-olds and investors flock to the Inner South – it’s the kind of buildings and architecture available. Particularly coveted are the Victorian-era single-fronted and double-fronted houses.
Here we discuss what potential buyers should look out for, and how Industry Insider can potentially help you find and buy your dream property.
Victorian homes: what’s all the buzz about?
The Victorian-era properties scattered throughout South Yarra and the surrounds date back to the Gold Rush. Way back in the 1850s-60s, these exquisite homes were built for miners, who, evidently, had a lot of cash to spend.
And the obvious capital invested in them 150+ years ago has stood the test the time; with features like double brick, high ornate ceilings, and attention to detail that, frankly, you just don’t see these days. Even if someone had the money to try and replicate a Victorian single-fronted or double-fronted home today, they would struggle to find the expertise to do so, especially in our fast-paced, economically-focused world of property.
What you should know before buying a Victorian-era home
Being such charming, detail-oriented, high quality, and unique homes, it makes sense that these beauties have caught the eye of so many. Over the last 4 or 5 years, this increased demand has been noticeable in property prices – rising by around 40%.
As we’d expect, the budget is the primary factor for many buyers itching to land their own Victorian-era home. Within South Yarra, Prahran, Windsor, and the surrounding suburbs, the very minimum you should expect to pay are around $1.1 million.
That’s not even taking into consideration possible costs for renovations. There are still homes within the Inner South that are yet to get a facelift, and, if you want to save money, these might appeal to you. However, renovating a period home, especially from the Victorian era is a labour of love. Although they have incredibly solid foundations, there is often a lot of work required to getting them up to scratch, thanks to the era they were built in and how much has changed since then.
Of course, you can buy a home that’s already been renovated and brought into the modern age, but this will significantly drive up the purchase price.
A Victorian isn’t for everyone…
The appeal of Victorian homes has put them on the map, but does that mean they’re for everyone? When working with a potential buyer, Industry Insider takes into consideration a whole range of factors – such as borrowing capacity, lifestyle, what they want out of a home, property history, return on investment, whether they want to renovate or a key-turn solution, etc.
Sometimes, it’s evident that another type of home will fit the brief better. For example, Edwardian homes are built with similar aesthetics and high ceilings but have a lower level of detail, and thus, a lower price point. Or consider modern homes – built more recently in the 1960s and 70s and in a ‘blockier’ style, but with a similar level of quality craftsmanship that can be enjoyed in a Victorian.
At the end of the day, helping you find your dream property is our aim, and what that ‘dream’ is might not always be what you originally had in mind. If you want to find out more about Victorians or other period properties, the inner suburbs of Melbourne, or how we can help you, call us on 1300 181 997 for your free no-obligation consultation.