![16 Barrow St, Brunswick - for herald sun real estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
This Victorian-era restored house at 16 Barrow St, Brunswick, is on the market with a $1.55m-$1.65m price tag. The suburb is among Melbourne’s most popular with homebuyers in the last few months.
A Melbourne suburb once known for its gangland hits has made the list of in-demand Melbourne suburbs tipped for prices to take off this year.
Several of realestate.com.au’s most-searched suburbs last year included aspirational inner southeast and east locales like Brighton and Toorak, boasting median house prices above $3m and $4m respectively.
Topping the roll call was Richmond, with a $1,392,500 median house price, followed by Hawthorn on a $2.565m median and South Yarra at $1.801m.
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But between November 2023 and December 2024, the formerly working-class inner north suburbs of Northcote and Brunswick, where typical house values today are $1.62m and $1.255m, also made the sought-after list.
Although Brunswick is today renowned for its cutting-edge street art, cafe culture and music venues, it often made headlines for gangland-related crimes less than two decades ago.
Between 2004 and 2011, multiple gangland figures were shot in the suburb including Moran family patriarch Lewis Moran, who was murdered at the Brunswick Club.
Perhaps Brunswick’s most infamous former resident is drug kingpin Tony Mokbel, who allegedly ran his crime empire from a Downs St house that is no longer owned by him.
After an amphetamine lab set up in a neighbouring house blew up, Mokbel razed the block and installed a swimming pool in 1997.
This three-bedroom house at 66 Rose St, Brunswick, is set to be auctioned on February 22 with a $1.25m-$1.35m asking range.
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Former drug boss and ex-Brunswick resident Tony Mokbel, wearing a wig after he was arrested in Greece, in 2007. Picture: Supplied.
Police outside the Brunswick Club where gangster Lewis Moran was shot and murdered in 2004.
PropTrack senior economist Paul Ryan said although it was not a given, the most-searched suburbs could indicate where buyers would likely flock in the next 12 months.
“These aren’t price forecasts, the way we think about these locations is recognising that there’s a lot of interest, which often translates to a lot of demand and can correlate with price growth,” Mr Ryan said.
“I wouldn’t be surprised if these suburbs end up outperforming over the rest of the year.”
He said a rate cut by the Reserve Bank of Australia, widely expected later this year, would give even more buyers confidence to enter the market.
Mr Ryan added that inner-to-middle-ring suburbs were making something of a comeback compared to six to 12 months ago, when more affordable “mortgage belt” suburbs in Melbourne’s outer west and south were more frequently searched.
11 Rotherwood St, Richmond is for sale with a $1.4m-$1.54m price guide.
Paul Ryan is a senior economist at PropTrack
Property Investment Professionals of Australia buyer’s advocate Cate Bakos said many would-be homeowners were planning a move ahead of a potential rate cut – or trying to get into the market before competition increased.
The Melbourne-based buyers’ advocate said the popularity of high-end suburbs could be due to opportunistic buyers seeking a bargain.
According to PropTrack, median house prices decreased 25 per cent in Toorak last year, 20.5 per cent in South Yarra and 11.9 per cent in Hawthorn.
Ms Bakos said about 80 per cent of queries she was receiving at the moment were interstate investors, especially from Brisbane, Perth and Adelaide after their property equity increased in 2024.
“They’re looking to spend and many are looking to Melbourne as a value proposition,” Ms Bakos said.
Buyer’s advocate Cate Bakos said 80 per cent of queries she was receiving at the moment were from interstate investors.
170 Darebin Rd, Northcote is currently on the market with a $1.55m-$1.65m price tag.
When it comes to local buyers, she said established houses in Altona Meadows and Werribee in Melbourne’s west, Lalor and Thomastown in the northern suburbs and the southeast’s Frankston, Langwarrin and Karingal had been popular in the past 12 months.
Closer to the city, Ms Bakos said Northcote and Brunswick offered “fabulous amenity” and good schools.
“Northcote is the darling of the family house market in the inner north and Brunswick’s up there too,” Ms Bakos said.
65 Manningtree Rd, Hawthorn is on the market right now, priced at $2.75m.
24 Loller St, Brighton, Melbourne’s fourth most-searched suburb by home seekers, is for sale with the owners setting $3m-$3.3m price hopes.
The Realest Estate’s Kamal Kanaan said he had recently noticed plenty of interstate buyers moving to Melbourne, wanting to buy into “cool” Brunswick where attractions include the night-life, well-known eateries, proximity to Melbourne’s CBD and the Merri Creek walking trail in Brunswick East.
Mr Kanaan has met many long-time residents who, when they decided to sell, like chatting about Brunswick’s transformation from a “dangerous suburb” to the eclectic, fashionable hub that it is today.
“In 1996, 42 per cent of the buyers in Brunswick were immigrants,” Mr Kanaan said.
“That’s now shifted into a diverse type of occupants, the majority of buyers are young professionals and families with a maximum of three or four members drawn by the lifestyle and low-maintenance properties, as you don’t get homes with massive backyards.”
He said that while there were often homes for sale that needed work, plenty of $1m+ houses also popped up on the market.
“There a lot of developers who caught onto Brunswick before it became cool and we are seeing a lot of higher-end homes with glamour, luxury features and million-dollar plus prices,” Mr Kanaan said.
2 Kerr Cres, Camberwell is up for grabs for $2.48m-$2.68m.
6 Evelina Rd, Toorak – for herald sun real estate
Jellis Craig Richmond director Jodie McCarthy said her area was popular with first-home buyers, young couples and downsizers thanks to its proximity to Melbourne’s CBD, sports venues, freeways, restaurants and retail offerings.
Ms McCarthy said there were plenty of smaller cottage-style, two-bedroom Richmond houses which could be snapped up from $1m-$1.2m.
She said that a substantial number of landlords were selling up due to the state government’s increased land tax rules, which mean homeowners now pay more tax if their investment or secondary property is worth $50,000 or more.
30 Stirling St, Kew – for herald sun real estate
HOMEBUYERS’ MOST-SEARCHED MELBOURNE SUBURBS
Richmond
Median house price: $1.3925m
Median unit and apartment price: $570,000
Hawthorn
Median house price: $2.565m
Median unit and apartment price: $582,500
South Yarra
Median house price: $1.801m
Median unit and apartment price: $532,000
6 Evelina Rd, Toorak – for herald sun real estate
Northcote
Median house price: $1.62m
Median unit and apartment price: $643,750
Brighton
Median house price: $3.225m
Median unit and apartment price: $1.158m
Brunswick
Median house price: $1.255m
Median unit and apartment price: $560,000
26 Through Rd, Camberwell – for herald sun real estate
Kew
Median house price: $2.5m
Median unit and apartment price: $780,000
Toorak
Median house price: $4.614m
Median unit and apartment price: $867,500
Camberwell
Median house price: $2,602,501
Median unit and apartment price: $901,250
Malvern
Median house median: $2.882m
Median unit and apartment price: $678,500
Data covers the most searched Melbourne suburbs at realestate.com.au, November 2023 to December 2024.
Median house prices are from January to December 2024.
Sources: PropTrack, realestate.com.au
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