Melbourne’s Most Reinvented Suburbs
ONE 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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AS PLANNERS continue to approve major new housing estates in Melbourne’s (until-recently-forgotten) western suburbs, a powerful state motoring body has called on the new state government to build a new major road thoroughfare, for what will be an imminent surge in car traffic.
SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.