On a dollars per sqm basis, no other Melbourne suburb is as expensive as East Melbourne. It also has a median house price of $3.6m (2022).
However as expensive as it is, it is not hard to see why it can be seen as good value given the uniqueness of its offering – so close the CBD but with Fitzroy Gardens acting as a “park buffer” between the two.
It is very Melbournesque – charming historically consistent (primarily Victorian) architecture, leafy, parks, wide streets and only a short stroll through the beautiful Treasury Gardens or a quick tram ride to all that the CBD has to offer. Particularly the eastern end of the CBD, think Siglo, Di Stasio, Cumulus, Kenzan etc.
It a peaceful and quiet suburb as it is not a through point to other suburbs. Generally cars are entering East Melbourne specific to an East Melbourne visit.
However, it scores very highly on its walkability to a lot of great stuff in nearby Collingwood which offers lots of cafes, restaurants, bars, retail, galleries etc including those on Smith Street – the coolest street in the world according to Time Out magazine. Fitzroy offers similar as does Richmond and it is not too far to Abbotsford (for example the Convent Gardens and arts precinct, including the weekly Farmers Market).
Ultimately all these suburbs I suspect – dependent on which part of the suburb you are in – are less than a $12 (off peak!) Uber ride away after a dinner there.
Oddly, for an inner city suburb in Melbourne which boasts such a great café culture, East Melbourne in my view, and everyone I have discussed it with, is missing a compelling café or restaurant. Something I noticed as a Melbourne Buyers Agent when looking for a coffee break there between inspections.
Football, cricket and to a lesser extent Australian Open crowds can be a relatively minor annoyance in the southern section of the suburb.
I recommend Eat Melbourne to my clients based on both the convenience of the lifestyle and its very strong historic capital growth performance which I think is likely to continue.
Last update: 21 Mar 2023
