Fairfield, located approximately 6 kilometers north-east of Melbourne's central business district, is a historic suburb that has undergone significant transformation over the years. Initially established in the mid-19th century, Fairfield was primarily agricultural land before urbanization took over in the late 19th and early 20th centuries.
An interesting fact about Fairfield is its rich industrial heritage, with old factories and warehouses now being converted into trendy apartments and studios. While the suburb has experienced gentrification in recent years, it still retains elements of its working-class roots.
House prices in Fairfield have seen steady growth over the past few decades, with the median price increasing significantly as demand for property in the area continues to rise.
Lifestyle
Fairfield offers a vibrant lifestyle with numerous reserves and green spaces, including Fairfield Park and Yarra Bend Park, providing residents with ample opportunities for outdoor activities such as walking, running, and cycling.
The suburb boasts a thriving café culture, with bustling coffee shops and eateries dotted along Station Street and nearby precincts. Residents also enjoy regular community events and festivals, including the Fairfield Village Market and the Fairfield Primary School Fete.
Pets are popular in Fairfield, with many residents taking advantage of the nearby parks and walking trails for their daily exercise.
School Zones
Fairfield is serviced by several public and catholic primary schools, including Fairfield Primary School and St. Anthony's Catholic Primary School.
The suburb is also home to Fairfield High School for secondary education. Neighboring suburbs provide additional schooling options, while exclusive independent private schools favored by the wealthy include Xavier College and Genazzano FCJ College.
The closest school for students with special needs is Fairfield School.
Demographics
From 2006 to 2021, the median weekly household income in Fairfield has shown steady growth, reflecting the increasing prosperity of the suburb rising from $1,046 to $1,967. Families make up a significant portion of the population, with a diverse mix of cultural ethnicities, including Greek, Italian, and Vietnamese communities.
The average income in Fairfield compares favorably to the Australian average, indicating a wealthier demographic. Employment data from the 2021 ABS census shows a high percentage of professionals and managerial employees, with major industries including healthcare, education, and retail.
Emerging trends suggest a growing number of residents working in creative industries and technology sectors.
Employment
Close to 60% of Fairfield's working residents are employed in professional services. The top five employers in Fairfield are predominantly in the healthcare and education sectors, with institutions such as Fairfield Hospital and Fairfield University employing a large portion of the workforce.
Other major industries include retail and hospitality. Many residents commute to neighboring suburbs for work, with convenient access to public transport options.
Transport
Fairfield is well-connected by public transport, with main bus routes and train lines servicing the area, providing easy access to the CBD and surrounding suburbs.
Additionally, bicycle paths along the Yarra River offer alternative transportation options for residents. Private transport is also popular, with ample parking available throughout the suburb.
Shopping Centre's, Restaurants & Facilities
Fairfield has a high walk score, with a variety of amenities within walking distance, including local shops, supermarkets, and restaurants.
The Fairfield Boathouse is a popular dining spot, offering picturesque views of the Yarra River. Sporting facilities cater to a range of activities, including tennis, soccer, and cricket.
Social clubs and swimming clubs provide additional recreational opportunities for residents. One unique feature of Fairfield is its proximity to Yarra Bend Park, offering residents access to extensive walking trails and outdoor recreational activities.
Churches and religious places are also prevalent in the area, catering to diverse faith communities.
Development
Dwellings in Fairfield range from historic Victorian-era homes to modern apartments and townhouses.
Knock-down rebuilds and renovations are common, reflecting the suburb's ongoing development and transformation.
Subdivision opportunities are limited due to the established nature of the area, with most developments occurring in pockets close to transport hubs and amenities.
Capital Growth
Data from property sources indicates strong average capital growth for houses, townhouses, and units in Fairfield. According to the Aussie Home Loans 25 Year Report, houses performed at close to 9.8% for the past 30 years.
Better pockets of the suburb, particularly those close to parks and schools, have seen higher growth rates. Factors driving capital growth include proximity to the CBD, quality schooling options, and ongoing gentrification.
Main buyers in the suburb include young families, professionals, and investors attracted to the area's lifestyle amenities and potential for future growth.
Cash Flow
The average cash flow for houses in Fairfield is favorable, with steady yields attracting investors to the area, close to 3%.
Townhouses and units also offer competitive yields at 4.2%, with growth in rental income over the past decades.
Common tenants of leased properties in the suburb include young professionals, students, and families seeking proximity to schools and public transport.
Rental Demand
Vacancy rates for houses in Fairfield have remained low over the past decade, indicating strong rental demand in the area with vacancy rates at 1.8%.
Townhouses and units also experience low vacancy rates, with increased demand for rental properties since the COVID-19 pandemic averaging closer to 1%.
Driving forces behind rental demand include population growth, limited housing supply, and lifestyle amenities. Rental stock levels have decreased due to increased demand from tenants and a lack of new developments.
Why You Require a Buyers Agent in Fairfield
Competition in Fairfield is fierce due to high demand and low stock levels, making it essential to enlist the help of a buyer's agent to navigate the market effectively.
With its desirable location, ongoing development, and strong capital growth prospects, Fairfield presents a unique opportunity for buyers seeking to invest in a vibrant and thriving community.
Having a buyers agent in your corner is crucial to your success in Fairfield. Having the knowledge, strategy, access and negotiation ability will ensure you save thousands on the way in and make potentially millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
We are unbiased market investors, who will put you first.
We treat every deal for your portfolio as if it were our own.
We will give the time to understand every clients situation & needs.
Our performance is unparalleled in the industry.
We have a background in Finance, Banking, Mortgages, Leveraging, Taxation & We are Present Market Investors.
We are precise down to the level of the suburb, street & house for greater performance.
The cost of our service is nearly half of what many industry professionals charge, yet their results do not represent value for the cost of their services.
Phone: (02) 9136 0263
Email: admin@compoundinvest.com.au
Comments