"Best 12 months I can remember": Fitzroy agents revel in the good times

This article is the first in our series taking an in-depth look at the Melbourne suburb of Fitzroy.

The real estate market in Fitzroy is having a good time of it, according to long time agent Andrew Bennison, of Bennison Parker. "I’ve been here 13 years and this is probably the best 12 months I can remember," he said.

"Interest rates are low and there’s an expectation they will fall once again before Christmas."

Bennison said the area had many positives: "People are looking for a better lifestyle here with the vibrant cafe culture, the handy proximity to the city, and good public transport.’’

Those moving in are often the younger set and also the empty nesters. Bennison said the "top end" of Fitzroy – with its substantial modern properties and older, but modernised, terraces – attracted the older demographic. Prices could be as high as $2 million.

Renters, usually in the younger demographic, pay around $550 to $600 a week for two-bedroom apartments or terraces. Yields are around 3.5%.

Nelson Alexander Fitzroy’s Janine Ballantyne agreed the market was strong. "We are doing pretty well," she said, "especially with single fronted terraces."

The average price for these popular designs, built in the 1880s and 1890s, is $850,000-$1 million for those on 150 square metres or more.

Ballantyne’s comments were borne out during the auction of 80 Best Street, Fitzroy North last Saturday. The sale price of $988,000 trounced pre-auction estimates of $750,000 to $825,000 – no doubt leaving the owners and agents delighted.

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The single fronted brick terrace has a new verandah and garden. It has a functional floor plan with two double bedrooms opening from a double-arched hallway, spacious living room and large kitchen and dining room.

A central period-style bathroom with claw-foot bath and shower opens to a central courtyard. Features include polished timber floors, period detail and gas heating. There’s a pergola covered brick-paved courtyard with right-of-way access. The tightly-held precinct is close to St Georges Road, Edinburgh gardens and the Inner Circle bike path.

Collins Simms’ long time agent Stephen Whitelaw said there was strong demand for real estate with his firm achieving a 95% auction success rate so far this year. "Demand for properties of all sorts is steady, particularly in the lower and middle sectors."

Prices of $800,000-$1.2 million are common with many potential buyers looking for apartments, terrace homes and townhouses.

Whitelaw said the middle to upper sector was not as "robust". Buyers here are seeking better located single fronted houses or renovated family homes, with the best price paid so far this year being around $2 million. Rentals are "price sensitive".

Agents Belinda Lindsay and Angela Coates, of Collins Simms Real Estate, will auction 164 Nicholson Street, Fitzroy (pictured below) on Saturday, November 2 at 10:30am.

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The ornate Italianate terrace is adjacent to the Carlton Gardens. I has a triple-arched facade and impressive interior. The Italianate Victorian balcony terrace has an arched hallway, four bedrooms (or three and large lounge room), formal sitting and dining rooms and family/meals area opening onto a deck. There’s a granite kitchen with European appliances, two bathrooms, laundry, marble open fireplaces, magnificent ceilings, polished floorboards, attic storage and right-of-way.

It’s just a walk to Lygon and Brunswick streets, the CBD and Melbourne University.