Melbourne’s 5km lockdown radius is a shortcut to finding a great location.
Melburnians are stuck in a 5km bubble and many of us are becoming acquainted with just how well located our home is — or isn’t.
Real estate experts have revealed the list of what you need within that bubble to be living in a top location, and how close you really need to be to certain amenities.
Advantage Property Consulting director Frank Valentic said the universal must-haves for Melbourne included schools, cafes, shops, sporting facilities, somewhere nice to go for a run or walk, and public transport.
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Mr Valentic said while most buyers would appreciate a park across the road, the same was not true of a train station. This was despite many preferring homes within a 15-minute walk of public transport.
“This might change a bit with people not commuting as much to the city for work,” he said. “But for a pre-COVID-19 era, that was one of the biggest factors.”
1/26 Winifred Street, Essendon comes with a convenient location in the heart of the suburb.
A supermarket down the road could increase traffic in your neighbourhood, but having one within 2km was convenient.
Real Estate Institute of Victoria vice president Adam Docking said school zones were well-known for their effect on home prices and many would pay a premium to be near public transport. But geography increasingly governed budgets.
He said many buyers today were hunting across a wider range of suburbs but limiting themselves to particular pockets, often due to the prevalence of a particular home type, such as California bungalows.
Exploring your own neighbourhood for exercise during lockdown could reveal if you lived in an area likely to be targeted for its type of home, he said.
But sellers should consider whether out-of-area buyers would put the same value on a particular park or reserve that they did themselves as a local.
1/29 Wilson St, Moonee Ponds is a stone’s throw from Moonee Valley Racecourse.
Certain amenities could even be a turn off.
“Some people don’t want to be anywhere near a Chadstone,” Mr Docking said.
Barry Plant Keilor East sales manager Bill Karp said his firm had been seeing signs buyers were prioritising location since Melbourne’s first lockdown in late March.
A rise in demand for home offices and good natural light also indicated buyers intended to spend more time at their residences and therefore, in their own neighbourhoods.
“People will be more focused on location after lockdown,” Mr Kemp said.
The Calvario family have loved the location of their 26 Wyong Street, Keilor East home.
Tony Calvario has listed his 26 Wyong Street, Keilor East, home for $760,000-$815,000 and said the latest lockdown had reinforced the importance of having his favourite cafes and restaurants, as well as an IGA supermarket, around the corner. He’s hoping to upsize nearby.
“We love this area, it’s so close to everything,” Mr Calvario said.
Mr Valentic said keeping a close eye on your local coffee shops during lockdown was a good way to gauge how much gentrification could push prices up in the future.
“If an area doesn’t have good coffee shops or restaurants, it’s probably waiting to take off,” he said.
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