Rich with infrastructure and close to the city, savvy property developers have been forking out seven-figure sums for knock-down opportunities in the northern pocket for several years, walking away with the easy profits that come from carving up quarter acre blocks for multiple townhouses.
But now deep-pocketed owner-occupiers — who have an array of affluent Melbourne suburbs to choose from — are parting with more than $1 million in the area.
Almost a dozen properties have sold above the million-dollar mark in 12 months, including a record price for a residential home (or non-knockdown site) last Saturday.
Eight bidders fought it out for the four bedroom property at Cardinal Road, opposite the Northern Golf Club. The eventual buyers, a family from nearby Fawkner, paid $1,217,500 — almost triple the price the vendors purchased it for in 2010, according to Domain Group data.