Yarraville: Where Four Bedroom Homes Sell Like Hotcakes

On Saturday I bid at 20 Fairlie Street in Yarraville for some very special clients of mine.

Unfortunately we were not the winning bidders, but I was so moved by the vendors’ remarkable market timing, and ability to tap into what the local market needed, that I decided to write about the adventure.

Yarraville is only 6km from the CBD and like many of Melbourne’s trendy inner ring suburbs, it has experienced a marked re-gentrification since its working class and migrant roots.

If there’s one thing Yarraville (and many other inner west and north west suburbs) lacks when it comes to supply, it’s four bedroom family homes. 

Bidders in Yarraville

Family Homes In Yarraville Are In High Demand

I’ve witnessed some incredible sales of late and the most surprising, most impressive and the most talked about results are those of three-plus bedroom homes in the area.

Yarraville, and surrounding suburbs such as Seddon and Spotswood, boast very charming single fronted period Victorian homes.

“There just aren’t enough four bedroom homes, and in this seller’s market they are hard to secure under competition.”

These properties are typically two bedroom cottages. Even the double fronted properties on small blocks within the village would struggle to host a family.

But the renovated three and four bedroom beauties attract a crowd and sell like hotcakes. Why? Because people don’t want to leave Yarraville.

Singles and couples start out in their apartments, units, townhouses and cottages. They settle into the area and enjoy the relative affordability (when compared to other 6km radius suburbs), the easy commute and the lifestyle and quaintness of the village.

Raising young children in Yarraville is a happy chapter, (I’d be lost without my inner west Mums and Bubs Facebook portal and local support groups), and the area’s primary schools are a welcome surprise when young family members hit school age.

Upsizing The Family Home

What is a sudden surprise however, is the need for a larger home. It seems to strike families quicker than they imagine and the quest for an upsized home becomes a hunt for the Holy Grail.

There just aren’t enough of them, and in this seller’s market they are hard to secure under competition, and they always seem to break records.

Twenty Fairlie Street was no exception. Not only did the builder take this 1940s weatherboard home and extend it, but he also re-created its internal spaces.

While The Property Wasn’t Perfect, It Attracted Competition

A formal front sitting room and gorgeous master greeted me at the front entrance. A total of four full-sized bedrooms and a great work-from-home study made the property a perfect solution for a busy family.

The open plan living/dining/kitchen at the rear didn’t disappoint, yet it didn’t break records for uniqueness either.

“The vendors got it right when they dreamed up the floor plan. Families, families, families!”

While a fabulous family home in a wonderful street, this property was not perfect. Instead of ducted heating, it featured split systems in every room; hardly economical or convenient.

It also offered an amazing rear deck off the living area, but lacked any yard. Devoid of any real landscaping effort and neglecting to offer a lockable shed or carport, it wasn’t a straightforward decision for many buyers to throw their hat in the ring. It still needed some money spent on it.

But what this house did achieve was a great crowd and a huge result. It sold competitively under the hammer for $1.377 million. The vendors got it right when they dreamed up the floor plan. Families, families, families!

For more information about Yarraville, read our suburb profile here.

Sales and Growth Chart for Yarraville

Source: Pricefinder

Points of Interest in YarravillePostcode 3039

The Sun Theatre
St Augustine’s Primary School

Yarraville West Primary School
City of Maribyrnong

Disclaimer: This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information in regard to their personal objectives, financial situation or needs. We recommend investors obtain independent financial advice specific to their situation before making any financial investment or property purchase. The case study above has been used for illustration purposes only.

About the Author

Cate Bakos is an independent buyers advocate and qualified property investment advisor and has proudly been a property investor for 17 years. Cate has a Bachelor Degree in Chemistry (Hons), Certificate 4 in Property Services (Real Estate), a Certificate 4 in Financial Services (Mortgage Broking). She is also a licensed real estate and a Qualified Property Investment Advisor accredited by Property Investment Professionals of Australia (PIPA).

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