Over an 18 year period, this is an average annualised growth rate of 15.4%
The remarkable growth of the inner-west has largely been based on affordability relative to the other parts of the city within the same commuting distance. Despite the strong performance over the last two decades, the inner-west is still recognised as a more affordable patch and newcomers to the area are demonstrating that perception every Saturday at auction.
The inner-west today still remains the only part of the city offering period houses in the sub-$800,000 buying range. Investors have flocked in an attempt to secure a period Victorian cottage before they are priced out.
Family homes are in tight demand based on their scarcity, and it's fair to describe a well located, period home with four or more bedrooms
and a car space on title as a
very rare diamond. Back in the early 1900's, houses just weren't built in the inner-west to suit today's aspirational needs. The area was poor, workers were on low incomes, and families made the most of the cottages they lived in.
Typical of the inner-north and inner-west today, families are challenging the tiny spaces that once were, and impressive architectural enhancements are appearing more and more as land values increase, equity grows and over-capitalisation is less of a threat.
The Western Bulldog's exciting win this weekend hasn't put the inner-west on the map... it already was on the map. But what their rise to top has done is showcase some glistening villages, highlight a strong sense of community spirit, and it has put a bright spotlight on the pride in Melbourne's inner-west.
The local pubs which featured on news channels and newspapers embraced the excitement. Yarraville's Railway Hotel was one of a few which hired painters and transformed the facade with a splash of red, white and blue.
Whether a resident chose to follow the game or not, it was hard to avoid.
On another note, a huge thank you to my kind supporters who purchased a
copy of my book on Amazon last week. Your encouragement has meant a lot and I hope you enjoy the read. Special thanks to Tim and the crew from Digital Media Creations for all your help with my video launch - here is the
ninety second video clip about the creation of
Successful Property Investment: 48 Real Life Adventures.
Below we've featured three exciting inner-west purchases which we proudly assisted our excited clients with in September.
Inner West Growth
Take this recently sold 1910 built period house in Yarraville as an example:
