North Melbourne 3051 - Victoria

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North Melbourne is a suburb of Melbourne, located in the Local Government Area of the City of Melbourne.

North Melbourne's first institutions were built in the 1840s, beginning with a cattle yard. The suburb was a predominately working class area with most of the population employed in local industry. In the 1930s many areas of North Melbourne, in particular the laneways, became overcrowded and defined as slums. As such, large government housing development projects were proposed, which were eventually completed in the 1960s.

Since North Melbourne is less than 3 kilometres from the city, the suburb slowly became gentrified by a younger demographic during the 1980s. However, it was not until the early 1990s that shopping strips such as Errol Street (where the North Melbourne Town Hall is located) became noticeably upmarket.

North Melbourne still retains many of its working class culture with nearly half the area of the suburb still taken up by factories. There is also strong migrant mix, with low income families arriving from Somalia, Eritrea and Vietnam living in the numerous housing commission flats.

However, demographics have changed over recent years. House prices are now 30% above Melbourne's mean, many cafes and boutiques have opened up along the main shopping strip of Errol Street and the Public Record Office building was recently constructed on Shiel Street, replacing an abandoned warehouse.

North Melbourne retains an attraction to new arrivals through its proximity to the city, a location fronting onto the expansive Royal Park and the ubiquity of old Victorian-style terrace houses.

Latest Market Price in North Melbourne

The median house price in North Melbourne has dropped -15% from $638,000 in the 6 months to June 2008 to $540,000 in the 6 months to December 2008. The long term trend for house prices in North Melbourne over the last 10 years is +9.4% per annum.

The median unit price in North Melbourne for the same period has dropped -4% from $386,000 to $372,000. The long term trend for unit prices in North Melbourne over the last 10 years is +8.3% per annum.

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