Coburg is one of Melbourne’s suburbs situated 8 kilometers north of the CBD. Part of the City of Moreland, it has a population of 24,977 as of 2011. The suburb has hundreds of shops in it main commercial precinct and is also serviced by different public transportation.
In terms of housing, there are currently 10,348 homes and 4,433 units in place. Some 396 homes and 93 units were sold in the past year in the suburb. The highest paid price for houses was $2.1 million and $650,000 for units. The auction clearance rates recorded for houses was 80.1 percent and 66.7 percent for units.
For the past five years, the yearly capital growth noted for houses in Coburg was 33.21 percent and 10.29 percent for units. Moving forward, the growth trend is 6.7 percent for houses and 5 percent for units.
Those planning to move to Coburg, the median property price for houses there is $713,000 and $440,000 for units. Renting is also an affordable option as the average rent for houses is $450 per week and $360 for units.
The dwelling structure in the suburb is mostly the separate house type (76.4%) followed by the terrace and flat. Victorian and Edwardian homes are still in existence while trendy apartments are also available.
The suburb has been a popular choice for professionals and families. A large portion of residents in Coburg are the young people aged 20 to 39 years old. Some 18.9 percent belong to the seniors group (60+).
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By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
