Suburb Profile: Fitzroy North | VIC

Fitzroy North, defined as post code 3068, is an inner-city suburb of Melbourne located four kilometres north-east of the city’s central business district. It adjoins Fitzroy to the south, Clifton Hill to the east, Princes Hill to the west and Northcote to the north.

Rich in heritage, Fitzroy North is home to an abundance of entertainment and shopping hubs. It contains over 20 tram stops, as well as Rushall Railway Station, which all provide direct links into the CBD and surrounding suburbs.

Highlights:

• 24.5% of residents aged between 25 and 34
• Population grown by 13.2% over the past 10 years
• Average personal income $73,480 as at 2013 (latest available data)
• Home to five schools
• Rolling 12 month average apartment value of $600,000 as at March 2016 — a 23% price premium compared to Greater Melbourne
• 48.8% of residents living in rented accommodation
• Past five year average weekly apartment rent risen 31.1%, or 5.6% per annum, to $485 per week

Demographics

Population

Residents of Fitzroy North are primarily of a young demographic with 24.5% aged between 25 and 34. Many are young professionals, primarily renters, wanting to live in an inner-city suburb, rich in heritage, culture and adjacent to entertainment precincts. Fitzroy North holds a small proportion of 45+ aged residents (33.7%) reinforcing the ‘young culture’ vibe of the suburb.

The overall population of Fitzroy North has grown by 13.2% over the past 10 years, from 11,845 residents to 13,000 — an average rate of 1.2% per annum. Both 2014 and 2015 recorded stronger population growth within the suburb achieving growth rates of 2.1% and 2.3% respectively. Population growth is projected to be an average of 1.5% over the next five years.

Personal Income

Fitzroy North is home to the highest average income earners compared to neighbouring suburbs of Princes Hill, Fitzroy, Northcote, Collingwood and Carlton. Average total personal income was recorded as $73,480 as at 2013 (latest available data) — more than 24% higher than the Greater Melbourne average. Residents of Fitzroy North experienced their largest total personal income growth between 2010 and 2011 at 8.5% over the year.

Employment

Fitzroy North’s labour force as at the 2011 Census totalled 6,897 persons — substantial growth of 7.5% since the 2006 Census. The majority of Fitzroy North’s residents work in the Melbourne CBD, Fitzroy North and Fitzroy, at 1,453 (21%), 643 (9%) and 308 (4%) respectively. Melbourne CBD jobs growth is projected at 2.6% over the next year, with the five-year average increasing to 2.7% per annum.

The majority of Fitzroy North residents are employed in high-paying and senior occupations. As at the 2011 Census, 46.0% of residents were employed as ‘Professionals’ with ‘Managerial’ occupation coming in second at 14.6%.

Local Amenities

Fitzroy North is bordered by a main road, Queens Parade, which provides residents with a plethora of local shops, cafes and supermarkets as well as multiple tram and rail stops. The centre of the suburb houses the enormous 24 hectare Edinburgh Gardens.

The suburb is home to five schools — Fitzroy High School, Merri Creek Primary School, Fitzroy Community School, North Fitzroy Primary School and an English-German bilingual school, Deutsche Schule Melbourne. The acclaimed University of Melbourne lies just one kilometre from the suburb.

Location snapshot*:

• Lygon Street, Carlton — 2 minutes
• University of Melbourne — 4 minutes
• The Royal Melbourne Hospital — 6 minutes
• Melbourne Zoo — 6 minutes
• Queen Victoria Market CBD — 8 minutes
• Bourke Street Mall, AAMI Park — 9 minutes
• Docklands — 10 minutes
• Royal Botanic Gardens — 12 minutes
• Crown Casino — 12 minutes
• St Kilda — 14 minutes
• Luna Park — 22 minutes

Property Market

Capital Growth

Fitzroy North recorded a rolling 12 month average apartment value of $600,000 as at March 2016 — a 23% price premium compared to Greater Melbourne. Similarly the suburb recorded a 36% premium to the broader CBD and inner combined region.

Annual apartment sale figures across Fitzroy North have, as a trend, steadily increased since September 2009. Over the past 12 months to March 2016, Fitzroy North recorded 123 apartment sales. However, annual figures for the three previous quarters recorded an average of 164 sales, far exceeding the 5 year average of 117 sales.

Rental Yields

Fitzroy North holds a high proportion of residents living in rented accommodation with 48.8% of occupants choosing this option as at the 2011 Australian Census.

Fitzroy North is a market which has experienced somewhat limited new apartment supply over the past five years. However, due to demand for rented accommodation, the suburb has experienced strong rental growth in recent years.

Over the past five years average weekly apartment rents in Fitzroy North have risen a substantial 31.1%, or 5.6% per annum, to $485 per week. Over the same period Greater Melbourne’s apartment values have risen 15.7% to an average of $405 per week.

Future Infrastructure

Future developments within the next two to four years in the suburb include:

• Patch Apartments — an 82 dwelling across 11 floors estimated for late 2018 completion
• Retirement village
• Additional residential apartment complex

Looking to invest in Fitzroy North?

Take a look at properties in the area such as Patch Apartments. Click here.

*Travel times by car were estimated using Google Maps, assuming departure at 12:00PM on a weekday, with regular traffic and road conditions.

Source: Knight Frank Australia Pty Ltd 2016 research report prepared for and on behalf of Goldfields Patch Pty Ltd and its related parties.

Disclaimer: This suburb profile data is for general information purposes only. It is not to be relied upon in any way. ParkTrent Properties Group accepts no responsibility or liability whatsoever for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of ParkTrent Properties Group in relation to particular properties or projects.