Former Alphington resident Michael McInnes, who lived in Alphington for 22 years, said he credited the suburb’s growth to the gentrification of his older neighbourhood.
“It’s been gentrifying. We had three lawyer couples on our street, and when we left, we sold to a doctor couple,” he said. “I think that’s because the prices have gone up and up.
“It’s a popular place and the clichés are true [estate] Agents would refer to it as a “tightly controlled location.” I think only people like us who want to downsize will move on. “
McInnes said he and his family had a great time in Alphington.
“It’s a very comfortable place to live,” he said. “The beauty of Alphington is that it’s so close to everything. Close to the city and great public transport.”
Nelson Alexander agent Tom Breen sold the McInnes house and said the area had become the Kew of the north.
“It’s still close to the city, but you have a family feel,” he said. “You are close to private schools like Ivanhoe Grammar and schools in Kew.
“Compared to Kew and Hawthorn, it’s great value, even though they’re just across the river. You can get it for half the price, and people are starting to realize that.”
Justin Maher, Director of Asset Property Sales, who sells in Patterson Lakes, said his area had seen strong growth over the past five years despite being relatively unknown.
“Nobody knows about it. Locals want to keep it quiet,” he said. “Overall, it’s underrated. It’s underrated because nobody knows about it.
“When people know what Patterson Lake has to offer, it’s like a gold mine ready to hit the roof.”
Maher said the area had benefited from rising COVID prices, but because it was a tightly controlled suburb it could easily weather the recent rate-induced falls.
“Patterson Lakes is edging up but not correcting,” he said. “At the end of the day, it’s the value for money.”
“People are selling their homes downtown, making $2 million to $3 million in profit, and saying, ‘Hey, I can work from home now, and I want a water view’.”
Belle Property St Kilda sales director Julian Cannata said Elwood was doing well because the area was gentrifying.
“One of the things I’ve noticed in the last few years is more high-end remodeling and development in the suburbs,” he said. “We used to sell a lot of period homes that were very original or had some renovations but not to the level that we see now.
“Yes, there has been growth in the suburbs but the quality of what is being sold is higher and that is supporting prices.”
Cannata said Elwood Market was an alternative to some of the more popular suburbs in the area.
“Elwood is very unique because it’s almost a cross between St Kilda and Brighton,” he said. “It’s its own little market. I think people in Elwood like being close to St Kilda, but they feel it’s suburban enough for their privacy.”