|Written by Marc Pallisco|
|Monday, 31 March 2008 06:25|
Coburg and Coburg North are still considered two of Melbourne’s most under-valued suburbs, located between 8 and 12 kilometres north of the CBD.
Bound by Pascoe Vale to the west, Preston and Thornbury to the east, Brunswick West and Brunswick to the south, and Fawkner to the north, Coburg and Coburg North offer family sized homes on family sized blocks, and are proving popular with former residents of Carlton and Fitzroy, who may have started a family and need something bigger.
Coburg is centred around the Sydney Road shopping strip, which extends the whole length of the suburb from the Brunswick to Bell Street.
The Moreland City Council will undertake a joint venture redevelopment of 13 key sites around the Sydney Road precinct, in a move set to deliver more than $1 billion of apartment, retail and office space to the suburb.
According to the REIV, Coburg’s median house price for the year ended December 31, 2007, is $491,000, up 30.9 per cent since last year.
Values in Coburg North over the same period increased 20.2 per cent to $384,750.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.