In This Week’s How’s The Market | Edition 147
What Our Clients Want
Over the years, we have worked with hundreds of clients who have purchased in Melbourne’s inner east, and overwhelmingly, we hear that these clients wish to purchase period properties.
It is very rare for us to hear clients prefer to purchase a modern build or design, though it is very common to want to find a fully renovated period property as the #1 preference.
Though it is important to note that there are some benefits and shortcomings to both period homes and modern builds.
What Makes Period Homes So Desirable
Compared to new builds, period homes can look like a piece of art.
The cornices, the fireplaces, the fretwork, the hardwood timber floors, the verandahs, the brickwork, the facades.
All of these features create so much character and individuality between homes.
Plus, period homes usually have greater ceiling heights, bigger bedrooms, and are often in some of the best streets of Melbourne.
The Scarcity Factor
In Melbourne’s inner suburbs, there are approximately 15,000 properties that are heritage-listed.
It’s worth keeping in mind that we are not building any more of these types of properties.
Plus, if you look at the estates in Melbourne’s inner east that are heritage estates, like:
Grace Park in Hawthorn
Tara in Camberwell
Sackville Ward & Studley Park Estate in Kew
Gascoigne in Malvern East
Summerhill Estate in Glen Iris
You will see that there are very few estates that are predominantly heritage estates.
This makes the properties within these estates ever rarer.
This scarcity, along with the above period features is why period properties perform so well from a capital growth basis.
The Shortcomings & Where Modernity Shines
Whilst period homes are gorgeous and highly desirable, it is very true that they are not always functional.
Many period homes had the kitchens in the centre of the home in a separate room.
Some had the bathroom and laundry located outside.
Many have much smaller windows as they didn’t have double glazing or the same level of insulation available, which in turn makes natural light worse across the home.
The floor plans of period properties will very rarely have ensuites or walk-in robes.
In fact, they very rarely have built-in robes.
The living, dining and kitchen are all usually separate, closed-off rooms.
And overall, the utility of the block is usually quite low.
This is where modern homes and designs excel.
With large windows, WIRs, ensuites, open plan livings, powder rooms, large glass windows and skylights, there is a lot to love about the functionality of modern builds.
The Real Choice
Period homes have soul. Craftsmanship. Character. You can’t replicate that.
Modern homes have practicality. Flexibility. Spaces that actually work for today’s living.
The question isn’t heritage or new. It’s which one feels like home to you.
What The Agents Are Saying
- Listings have exploded since Australia Day and the market is looking strong and competitive at opens.
- Multiple properties had 30+ groups last Saturday across multiple suburbs and price points.
- All agents are already warning that April will be dead in inner Melbourne due to Easter, school holidays and ANZAC Day – so prepare for no listings.
The Wow Factor!
16 Clarke Street, Prahran, Vic 3181
Prahran Victorian Elegance
Why it WOWs:
- Fully renovated double-fronted Victorian. Timeless charm meets modern style.
- Ground-floor master suite with private luxury.
- Multiple living zones. Flexible rear pavilion for office, au pair, or cinema.
- Heated pool. Two alfresco entertaining areas.
- Soaring ceilings and designer finishes. Bright and airy throughout.
- Prime Hawksburn Village location. Walk to cafes, boutiques, restaurants & Victoria Gardens.
Final Thoughts
Heritage or modern. Both are valid choices.
Just know why you’re choosing. Understand what works for your life.
That’s what separates a good investment from a great one.
If you or someone you know would like assistance to buy this year, book in a call and we can discuss if we can help.
Thanks for reading this far!
We value feedback and if you have any suggestions on what you would like covered in the future please email me at [email protected]
Happy Buying!
Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.
