Prahran poised after taking a breather: Richard Wakelin

Located five kilometres from the Melbourne CBD, Prahran is ripe with period architecture and facilities which are attractive to homeowners and investors, says Richard Wakelin of Wakelin Property Advisory. 

In Wakelin’s latest video on Wakelin.com.au, he says property values in the area have shot up in the last 20 years as a result of the attractions now offered in Prahran.

With Chapel Street one of the main attractions, the area has an abundance of cafes and retail shops.

Wakelin says properties in Prahran that are rich with period architecture and are located in a period style streetscape have consistent strong demand due to their scarcity.

However, the underpinning characteristic is the value of the land, he says.

“Improvements are timeless, it’s the land that dictates the value of properties,” says Wakelin.

“Markets like Prahran take a breather, but because of their high scarcity value, they are held down by economic sentiment and the investment cycle.”

“They sit ready, poised, to take off when conditions are right again,” says Wakelin.

Wakelin says we are currently seeing early signs of a turn around in the property market, particularly as a result of easing monetary, which is making interest rates and borrowing particular appealing.

“These sort of properties take off in a significant manner,” says Wakelin.

A two-bedroom, one-bathroom home on Russell Street (pictured below) is currently listed for sale for $729,000.

It was built in 1910 and sits on approximately 162 square metres of land.

It is listed by Lauchlan Waterfield of Hocking Stuart Armadale.

A two-bedroom, one-bathroom property on Donald Street (pictured below) is listed for sale with a price guide of $700,000 to $770,000.

Built in 1930 and sitting on approximately 465 square metres, the property is listed by Fiona Martin of Hocking Stuart Armadale.

The median house price in Prahran is $900,000, according to RP Data.

Wakelin's video can be found here.