$352,000 Preston apartments Due North attracting first home buyers and investors

First home buyers and investors have shown considerable interest in Due North, the Preston apartments currently under construction by Caydon Property.

The $352,000 asking price for the one-bedroom apartments is around $200,000 less than the median apartment price in Preston, according to the latest data from SQM Research.

The two-beds start from $590,000.

Set on the sought-after High Street, Due North will home a mix of 107 one and two-bedroom apartments.

Preston is one of Melbourne's most popular fringe suburbs, nine kilometres north of the Melbourne CBD.

“Thanks to a few decades of urban sprawl, Preston is now considered one of Melbourne’s hottest northern suburbs. It seems like there’s new, hip bars popping up on every corner”, Timeout Magazine said.

Due North has an enviable walk score of 91, with a number of bars, cafes, restaurants, retail, schools and parklands nearby.

The apartments are attracting investors, with vacancy rates seeing a steep decline from earlier in 2021. Rates now sit at around two percent, and are expected to continue to drop as international border opening draws near.

There's new infrastructure in the pipeline, with the Victorian Planning Authority currently reviewing plans for a new Preston Market Precinct, taking in 5.1-hectares of privately-owned land with integrations with Preston Station and High Street.

“Preston is growing, fast — and we’re not surprised”, Caydon Property said.

“Population density is increasing, seeing a surge in demand for apartments with a downturn in traditional houses.”

Designed by Caydon’s in-house design team, Due North draws inspiration from the suburb’s industrial past, featuring raw brickwork, exposed concrete, custom metalwork and glass.

It will rise just the 12 levels, and will feature a rooftop space with a resident swimming pool, a co-working area in the lobby, and three street-level retail spaces.

The development is slated to reach completion in mid-2023.