Melbourne’s Most Reinvented Suburbs

Beacon Cove, Port MelbourneONE has to wonder what “great Australian dream” some Melburnians were being sold last century.

Until recently – the 1980s and 1990s for most inner-city areas – owning an inner-city terrace was not necessarily a big deal. More often than not, according to veteran agents, they were used as “stepping stone” investments that could be paid off in a few years and sold on the basis of being “more attractive than renting”.

Buyers – particularly immigrants from Italy and Greece – bought in Richmond, North Fitzroy or Northcote, in order to save a deposit to build new, larger homes in Avondale Heights, Glenroy or – if they invested well – Doncaster.

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