A very narrow gap between gross rental yields and mortgage interest rates is a buy signal for investors.
Perfect Prahran: suburb profile
When it comes to cool and urbane Melbourne addresses, there are few, if any, suburbs that top the appeal of Prahran.
Bordered to its north and east by the ever-so-establishment suburbs of Toorak, South Yarra and Armadale, and on its south by the more edgy St Kilda and St Kilda East locales, Prahran delivers an attractive mix of the contemporary and the customary.
No better is this illustrated than in its shopping strips. Chapel Street is famous across Australia for its great shopping. It’s the perfect antidote for those sick of the uniformity of the ubiquitous mall – it’s left field rather than Westfield. Those looking for something different head towards the Prahran end of Chapel street; it’s noisy, eclectic and in-your-face.
But within a stone’s throw is the genteel Greville Street; a quiet road full of charming cafes and eateries and boutiques (with the occasional more edgy record shop as well, it must be said). And then there’s Prahran Market, Australia’s oldest continually-running fresh food market and a charming way to while away a weekend morning.
Prahran-dwellers seem content to live this doublethink existence, and indeed embrace it. The suburb is a magnet for the young successful and the up-and-coming professional, with ABS figures showing it has twice the proportion of 25-34 year olds as found in the typical Victorian suburb. It helps that there are great train and tram connections to the CBD and the beach is a short jog away.
Add in some beautiful streets of older-style apartments and single fronted cottages where demand will always exceed limited supply, and it’s clear why Prahran is one of Wakelin Property Advisory’s standout residential property investment locations. And after buying scores of property there on behalf of clients, not to mention our on-the-street observations and analysis of thousands of sales over nearly two decades, Wakelin Property Advisory has a Prahran suburb expertise unmatched by any buyer’s advocate or buyer’s agent.
Image: Chapel Street, Prahran, 1906