Gentrification a major drawcard
October 20, 2014 Hodges Real Estate Information
Yesterday, The Age reported on several sales from Saturday that involved buyers paying above the reserve price for features that will help to improve the value of their property in the future.
Features such as a second street frontage, off-street parking and the potential to renovate and add additional stories all contribute to increasing the sale price.
Another drawcard that increases property prices are the amenities and lifestyle offerings of an area. Balaclava is a suburb that has been attracting many young couples that are drawn to the area by the impressive offering of cafes, bars and restaurants on Carlisle Street, including popular restaurants Uncle, Ilona Stoller, Las Tapas and favourite bar among residents, The Local Taphouse.
In addition to bars and restaurants, the newly renovated Balaclava station has provided the area with another drawcard.
Hodges St Kilda Director Michael Townsend says after decades as a sleeper, Carlisle St has seen “huge gentrification”. The shopping and cafes attracted a young couple from St Kilda to 15 Nightingale Street, Balaclava, purchasing the two-bedroom timber house for $1.06 million on Saturday.
Read the full article from The Age here.