St Kilda: Melbourne’s playground by the beach
GUEST OBSERVATION
With an abundance of gourmet eateries and a popular nightlife scene, St Kilda is often described as Melbourne’s playground by the beach.
Located just six kilometres from the CBD, the area attracts an eclectic mix of residents - from young families to bohemian artists and musicians, as well as tourists and young professionals. St Kilda is bordered by six kilometres of coastline and its beach is possibly Melbourne’s most famous. Today, the population of the area stands at around 17,795.
The suburb offers residents and tourists a cosmopolitan lifestyle; boasting trendy cafes and bars as well as award winning restaurants and quirky independent stores. The area has numerous shopping strips, each unique in what they offer to visitors. Acland Street is arguably the most popular of them all; renowned for its European inspired cake stores – some of which date back to the 1940s. Fashion boutiques, trendy cafes and local institutions like Cicciolina’s restaurant, are also dotted along the strip.
Acland Street is linked to equally iconic Fitzroy Street and the Esplanade, which is home to a vibrant Sunday market where local artists congregate and sell their wares. Over the past few years, Fitzroy Street has started to lose its grungy image and now houses upmarket restaurants owned by celebrity chefs. A case in point is Andrew McConnell’s restaurant Luxemburg.
Carlisle Street has also experienced a recent gentrification - with new cafes and restaurants opening up of late. The popular Radio Mexico restaurant, Galleon café and Italico, continue to attract long diners waiting to get their fix. These eateries sit alongside more traditional cake stores and coffee shops, which gives the street an eclectic feel. Carlisle Street’s recent facelift and affordability, is attracting young people keen to get a foothold on St Kilda’s property ladder.
St Kilda has a well-connected public transport system. A number of trams head directly into the CBD and trains from recently renovated Balaclava station transport commuters to Flinders Street in just 15 minutes.
With a median property price of $875,500 for a house and $480,000 for a unit, the area is generally more affordable than surrounding suburbs Middle Park, Albert Park and Elwood. Over half of the home owners in the area are unmarried and the largest percentage of residents fall into the 25-34 year old age bracket. This is reflected in the housing options available in the area - with over 70% of residents residing in a flat, unit or apartment.
The types of property in the area can be categorised as follows:
- A significant number of art deco apartment blocks
- Victorian terraces and cottages
- Spanish mission style buildings
- Edwardian homes
- 1970’s style apartment blocks
- New apartment developments
Property prices in St Kilda have risen steadily over the past 10 years and this is likely to continue given the strong demand for property in the area.
With an average of 55 people showing interest per property – higher than the state average - it pays to do your research and be selective when it comes to a property’s position, style and type.
Selecting a property within smaller blocks as well as identifying something unique will pay dividends in your future investment.
Michael Townsend is director of Hodges Real Estate St Kilda and a local St Kilda resident.
