UNDERRATED IF YOU ARE IN THE RIGHT LOCALITY
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Bordered by the Yarra River to the south, Collingwood, Clifton Hill and Richmond – Abbotsford is a classic gentrification story, transitioning from an industrial working-class suburb to uber hip in certain areas.
I anticipate this continuing as a result of the flow on effect from the very significant pricing growth in Collingwood, which is an easy walk from Abbotsford, and as prospective buyers are priced out of properties in Collingwood and looking for a close by alternate.
There some great cafes, for example Three Bags Full which is housed in the former Denton Hat Mills factory, and this is representative of the suburb’s gentrification.
Victoria Street is Melbourne’s little Vietnam with numerous cheap and cheerful Vietnamese restaurants. My favourite is I Love Pho, which received praise from the New York Times food editor!
There are also a number of good pubs and bars – in tune with a suburb which houses Carlton and United Breweries (CUB) – including some lovely heritage pubs, for example The Retreat in Nicholson Street and increasingly more craft brewery bars.
Generally speaking cafes, restaurants, bars etc. are more about servicing the locals than visitors – which locals tend to see as a good thing.
The Collingwood Children’s Farm (which is actually in Abbotsford) on the banks of the Yarra River and the Abbotsford Convent, Australia’s largest multi arts precinct with 120 studios, art galley, radio station, two schools and plenty of green open spaces within its 16 acres, provide residents a green cultural oasis.
The Convent holds a weekly Farmers Market.
Well-serviced by public transport with two train stations, trams on Victoria Street as well as a bus service on Hoddle and Johnson Streets.
The Spring Street end of the CBD is within walkable distance.
The downside is the drug activity on Victoria Street and some surrounding streets.
Overall as a Melbourne buyers agent, I think it is further ahead in its gentrification journey than generally perceived, making it a good value option assuming it is the right property in the right locality.