SOUTH YARRA VS NORTH FITZROY
Both South Yarra and North Fitzroy attract a similar demographic - young , aspirational and with high income earning potential . While age and income are almost identical between the two suburbs , so too are rental rates for both houses and units . Historically , North Fitzroy has been the more grungy alternative north of the Yarra but things have levelled up over the past decade . So how have the two performed during the pandemic ?
For houses , South Yarra is still more expensive with a $ 2.1 million median compared to North Fitzroy ’ s $ 1.7 million . South Yarra ’ s house prices have risen more quickly over the past 12 months - up 10 per cent compared to North Fitzroy ’ s eight per cent . Units , however , are a lot cheaper in South Yarra at $ 600,000 median compared to $ 785,000 in North Fitzroy - this discrepancy has been driven by more active developers in South Yarra . Planning is reportedly more complicated in Melbourne ’ s north and this is a main factor keeping prices a lot higher .
Winner - South Yarra for houses and North Fitzroy for units .
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