Collingwood – not as black and white as it may seem
Described by its google description as one of the hippest suburbs in Melbourne (which obviously means it’s true!)
It’s the home of the mighty pies, even though technically Victoria Park is in Abbotsford. Why they do that is beyond me (‘Welcome to Thornbury’ is actually located in Northcote if you didn’t know), very confusing for the average punter!
Yes, the commission towers take up a large portion of the skyline, but we’ve also got Australia’s first Japanese Bathhouse, a restaurant that will serve you a burger in a train on the roof of a 4 storey building, and a Melbourne music institution which has seen its fair share of big names (Shoutout to The Tote!).
Enough about how much we love Collingwood, let’s take a closer look at the real estate. I bought my first property in 3066, so I may have some bias but I know as well as the next person that it’s a suburb with some real highs and lows.
Collingwood sits on a clay foundation, so you will often see some unsightly cracking in the rows of pretty Victorians. When you’re buying a home here, it’s incredibly important to get a building inspection to check the foundations.
A big drawcard for buyers searching for inner city pads are the amazing warehouse conversions you’ll see scattered around. You may even get lucky enough to find an empty shell! Though more than likely it will be under commercial zoning so make sure you check the implications before you buy. In fact, make sure you check the zoning of any property you’re looking to purchase in Collingwood, there are lots of mixed use and commercially zoned properties being used for residential purposes illegally!
Credit image from Easey’s of view of the train cars on top of the building.
Like any inner city suburb there is plenty of government owned housing within the apartment blocks and among the houses. If you are wondering about the ownership of a particular property you can do a title search for around $10, and you'll be able to see if it's owned by DHS then you know that property is likely to be used for low income housing.
Looking at the stats in the suburb:
Median property prices over the last year range from $1,215,000 for houses to $650,000 for units. If you are looking for an investment property, consider houses in Collingwood rent out for $625 PW with an annual rental yield of 2.7% and units rent for $450 PW with a rental yield of 3.6%. Based on five years of sales, Collingwood has seen a compound growth rate of 6.0% for houses and 3.7% for units.
*REA stats
You may not think of it as being family friendly but one part of Collingwood sits in the esteemed Clifton Hill Primary School Zone, with great access to Kew via Johnston St for Private Schools, and of course going the other way along Johnston St (towards the city), you arrive at the front door of Melbourne Uni.
The colourful scenes of Smith Street are where most of Collingwood's action happens, but Stomping ground and Le Bon Ton have expanded that a little.
Other notable mentions in the suburb go to:
Proud Mary Cafe delivering all the good things in life
Cork & Chroma Paint & Sip learn how to paint with a bev in hand
Slow Clay Centre which will get you feeling like Demi Moore in Ghost
Jims Greek Tavern staying true to Greek tradition
Panama Dining Room technically Fitzroy, but we're claiming it!
And heaps of cute shopping options, but you don't have time for that! You’re saving to buy your own little warehouse conversion!
Catch you at Easey’s, eating a burger, in a train, on top of a building.
Tabitha