Where to Buy
Melbourne's inner suburbs have consistently yielded solid capital growth
Street to Buy
Some streets in Melbourne are in constant demand
Property to Buy
We look for the right balance of scarcity versus demand
Only 5% of properties consistently produce above-average capital growth
When we set up Wakelin more than 24 years ago, we restricted our buying to areas in Melbourne that at the time had a long, proven history of consistent capital growth.
Those areas had a few things in common: they were a short commute from Melbourne’s centre; they had established public transport links; their high streets were vibrant with shops and restaurants or bars; and they offered sought-after public amenities such as parks or sports facilities.
Today, that list of suburbs is only slightly longer than it was 24 years ago; only areas that show an extensive, steady upward trajectory make the grade. We don’t speculate about a suburb’s possible gentrification. We don’t seek hotspots. We focus on demonstrable growth, and the areas in which we buy for our clients continue to outperform the wider market.
After more than 24 years in the Melbourne residential property market, we know which streets in our preferred suburbs are in constant demand. And we know that this level of demand leads to property price growth.
We buy for our clients on streets that allow residents quiet enjoyment of their property while also being close to public transport and local amenities. That means not too much traffic, no commercial or industrial activity nearby, no noise from trains and trams.
We’re also aware that people are attracted to consistent streetscapes – rows of similar houses from the same historical period, made of the same materials. Whether terraces of brick houses in Prahran, or neat streets of wooden cottages in Northcote, their regularity always appeals.
Property value stems from competition. Property types that see above-market rises in value are those that are wanted by more buyers than there are properties available. This is scarcity value, and we see it as the most important factor behind successful property investment.
As buyer's agents focused on maximising return, the properties we select for our clients are period houses and older-style apartments that also meet modern lifestyle requirements. Older properties are scarce, because they’re not being built anymore. If they are also easy and pleasurable to live in, they will attract wide-ranging demand.
We always consider whether a property’s architectural style meets the expectations of residents in its location. There’s nothing to be gained from buying a cute Victorian cottage in an area where people prefer Art Deco apartments.