Fitzroy North is a thriving inner-city suburb located just 4 kilometers north-east of Melbourne's central business district (CBD).
Historically, the area was predominantly industrial and working-class, but in recent decades it has undergone significant gentrification and transformation into a vibrant, cosmopolitan neighborhood. An interesting fact about Fitzroy North is its rich architectural heritage, with many Victorian-era terrace houses and heritage-listed buildings still standing today.
The suburb has evolved into a desirable residential area known for its leafy streets, trendy cafes, and cultural diversity. House prices in Fitzroy North have experienced substantial growth over the past decades, reflecting its popularity among homebuyers seeking inner-city living with a bohemian flair.
Lifestyle
Fitzroy North offers residents a diverse range of lifestyle options, with numerous parks, reserves, and green spaces scattered throughout the area.
Edinburgh Gardens is a popular local park, featuring lush lawns, playgrounds, and sports facilities, making it an ideal spot for picnics, leisurely walks, and outdoor gatherings. The Yarra River Trail provides opportunities for walking, running, and cycling along the scenic riverbank.
The suburb boasts a thriving café culture, with trendy eateries and specialty coffee shops lining its streets. Residents also enjoy browsing local boutiques, galleries, and markets for unique finds.
School Zones
Fitzroy North is served by several public primary schools, including Fitzroy North Primary School and North Fitzroy Primary School, offering quality education within the local community.
Nearby Catholic primary schools include St. Joseph's Primary School and St. Brigid's School.
For secondary education, Fitzroy High School is the primary public high school option in the area.
Exclusive independent private schools favored by affluent families include Melbourne Grammar School and Scotch College. The closest school for students with special needs is the Northern Support School in nearby Thornbury.
Demographics
According to ABS census data, Fitzroy North has experienced steady growth in median weekly household income from 2006 to 2021, indicative of its increasing prosperity. Incomes have nearly doubled moving from $1,176 to $2,300 per week.
Families make up a significant portion of the population, alongside young professionals, students, and artists attracted to the suburb's vibrant cultural scene.
Major cultural ethnicities in the suburb include Anglo-Australians, European, and Asian communities. The average income in Fitzroy North exceeds the Australian average, reflecting its affluent demographic profile.
The suburb's wealth has continued to increase over time, driven by its desirable location and lifestyle amenities.
Employment
Fitzroy North has a high concentration of professionals and managerial employees, according to the 2021 ABS census. This number is close to 67%, which is one of the highest in Australia.
The suburb's main employers include businesses in creative industries, hospitality, education, and healthcare sectors.
Many residents work in the nearby Melbourne CBD, with easy access to employment opportunities in various industries. Emerging employment trends in the suburb include the growth of small businesses, startups, and co-working spaces catering to the creative and tech-savvy workforce.
Transport
The main methods of transport in Fitzroy North include tram services along Nicholson Street and St Georges Road, providing convenient access to the Melbourne CBD and surrounding suburbs.
Several bus routes also connect the area to key destinations within the city. While private transport is common, with well-connected road networks and ample street parking, many residents also opt for cycling as a sustainable and efficient mode of transport.
The suburb features dedicated bicycle lanes and paths, including the Capital City Trail, facilitating easy commuting and recreational cycling.
Shopping Centre's, Restaurants & Facilities
Fitzroy North boasts a high walk score, with a plethora of amenities within walking distance. Local shopping precincts such as Brunswick Street and Smith Street offer a diverse range of boutique stores, specialty shops, and artisanal markets, catering to eclectic tastes and preferences.
Popular dining destinations include acclaimed restaurants like Cutler & Co., Naked for Satan, and Vegie Bar, serving a variety of cuisines ranging from modern Australian to international flavors. The suburb is also home to vibrant cultural hubs such as the Brunswick Street Gallery and the Rose Street Artists' Market, showcasing local artwork and artisanal crafts.
Sporting enthusiasts can partake in various activities at local parks, sports clubs, and fitness centers. Social clubs and community organizations provide opportunities for networking, socializing, and cultural exchange. A unique aspect of Fitzroy North is its thriving live music scene, with many pubs and bars hosting regular gigs and performances by local and international artists.
Development
Fitzroy North features a mix of housing options, including Victorian-era terrace houses, contemporary apartments, and modern townhouses.
Renovations, knock-down rebuilds, and infill developments are common, reflecting the suburb's evolving urban landscape and increasing demand for high-density living.
While there are limited subdivision opportunities due to the established nature of the suburb, recent developments have focused on enhancing community amenities, green spaces, and pedestrian-friendly infrastructure.
Capital Growth
According to CoreLogic data, Fitzroy North has experienced strong average capital growth for houses, townhouses, and units over the past few decades. Houses have averaged nearly 9.5% capital growth, with some doing greater than 12%. Townhouses and units average closer to 5%.
The suburb's proximity to the Melbourne CBD, coupled with its vibrant cultural scene and lifestyle amenities, has contributed to its desirability among investors and homebuyers.
Factors driving capital growth include limited supply, high demand, and ongoing urban renewal projects enhancing property values. The main buyers in the suburb are affluent professionals, young families, and investors seeking to capitalize on the area's growth potential.
Cash Flow
The average cash flow for houses in Fitzroy North demonstrates solid yields, with moderate growth over the past decade, yielding close to 3%.
Townhouses and units also offer attractive yields closer to 4%, appealing to investors and tenants seeking inner-city living.
Common tenants in leased properties include young professionals, students, and creatives attracted to the suburb's vibrant cultural scene and lifestyle amenities.
Rental Demand
Fitzroy North has experienced consistently low vacancy rates for houses, townhouses, and units over the past 10 years, averaging 1.5%.
The COVID-19 pandemic has further tightened rental stock levels, with increased demand for inner-city properties driven by remote work arrangements and lifestyle preferences, with vacancy rates sitting closer to 1%.
Major driving forces behind rental demand include proximity to employment hubs, educational institutions, and cultural amenities. Rental stock levels have decreased due to limited new developments and high demand from tenants seeking quality accommodation in a desirable location.
Why You Require a Buyers Agent in Fitzroy North
Competition for properties in Fitzroy North is fierce, with low stock levels and high demand driving up prices.
A buyer's agent can provide invaluable assistance in navigating the competitive market, identifying lucrative opportunities, and negotiating favorable terms.
The suburb's unique blend of heritage charm, cultural vibrancy, and urban convenience make it a sought-after destination for buyers seeking a cosmopolitan lifestyle with long-term investment potential.
Having a buyers agent in your corner is crucial to your success in Fitzroy North. 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
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