What’s driving Victorian couples back to inner Melbourne properties
Discover how Victorian buyers are trading suburban commutes for city living, uncovering real estate bargains with character, charm, and convenience.
Phillip Pavlou and his partner Liam Davis called Melbourne’s outer suburbs home for a decade, but recently relocated to the inner city to ditch their lengthy commute to work.
“For me, it was a mix of three reasons – I’d been living in the outer suburbs for the last 10 years, so it was about moving into a lifestyle where I could walk to cafes, bars, and experience a bit more vibrancy,” Mr Pavlou said.
“Work travel was another big factor — having a central base is important because I travel in all directions.”
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While the process of securing the property was relatively straightforward Mr Pavlou said it had revealed while Melbourne’s CBD had many homes for sale — not all of them were suited to their needs.
“I spent about six months searching, but realistically, it was two months of really solid effort — going to open inspections on weekends and putting in offers until I landed on the property,” he said.
Mr Pavlou and Mr Davis’ search was focused on finding a property that balanced functionality with character.
“While there’s been an increase in the volume of listings, I found that many apartments fall into the new-build or smaller one-bedroom category, which can be harder to finance,” Mr Pavlou said.
“I was focused on heritage buildings or oversized apartments – even though the market was competitive in this space, there were still plenty of options.
Harcourts Move Southbank senior associate Christina Guirguis said the trends shaping Melbourne’s inner-city property market were clear.
“We are seeing a lot of investors selling their properties … some are selling due to the legislation changes in the short-term rental market, while others have been disheartened by stricter residential tenancy legislation and higher land taxes,” Ms Guirguis said.
“Increasing mortgage stress is also forcing some sellers onto the market.”
However, Ms Guirguis said the current conditions provided a good opportunity for buyers who were willing to take a long-term view.
“If your short-term rental is in the right location and presented well, it can still see consistent bookings,” she said.
“And for first-home buyers or investors, apartments are particularly attractive right now.
“With borrowing capacities restricted in the current climate, apartments are a great option to get your foot in the door or add to your portfolio.”
Mr Pavlou and Mr Davis advised anyone considering an inner-city residence to prioritise well-designed living, dining and kitchen spaces, even if that meant smaller bedrooms.
They also noted that a sense of something unique about the home was important, be it high-spec finishes or architectural features.
Mr Pavlou added that the change had been life altering for him and his partner.
“Downsizing has had its trade-offs, but the lifestyle benefits have been next-level,” he said.
“Being closer to friends and work, and cutting my commute in half, has allowed me to use my time better and enjoy a higher quality of life.”
It comes as a surge in property listings across Victoria mean buyers are spoiled for choice. Find out more about where experts suggest to look to nab a home now.
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david.bonaddio@news.com.au
Originally published as What’s driving Victorian couples back to inner Melbourne properties
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