UPDATE: Two streets in Australia have just been ranked among the world’s coolest, sparking immediate interest from homebuyers and investors. Montague Road in West End, Brisbane, clinched the sixth spot, while Swan Street in Richmond, Melbourne, secured 29th place in the latest annual list by a leading lifestyle publication.
Real estate experts are already speculating about the potential impact on property values in these neighborhoods. Local editors assessed streets based on food, culture, community spirit, and more, spotlighting vibrant spots that reflect the essence of their cities. This recognition is likely to heighten buyer interest in these areas.
Montague Road’s transformation from an industrial zone to a cultural hotspot has been significant. The street boasts a variety of independent art spaces, wellness studios, and a thriving food scene. Real estate agent Tye Watkins of Place Bulimba emphasizes the area’s diversity, noting, “The demographic depends on what day and time you’re there.” On weekends, Montague Road buzzes with a mix of locals, showcasing its vibrant community spirit.
The property landscape in West End is rapidly evolving. Watkins reports, “The western side toward the river has seen a lot more growth than pretty much the rest of West End.” He highlights a specific apartment complex at 24 Kurilpa Street, which has surged in value by approximately $400,000 over the past two years. Overall, West End has experienced a staggering 77.8% increase in house values in the last five years, with the median dwelling value now at $1,979,265.
Cotality data reveals that units and townhomes in West End have also seen significant growth, rising by 70.9%. The area’s walkability, coupled with amenities like markets, restaurants, and ferry access, makes it an attractive option for buyers. “Once people buy there, they don’t have to leave,” Watkins states, underscoring the area’s convenience.
Meanwhile, in Richmond, Swan Street’s charm lies in its mix of chic wine bars, live music venues, and boutique shops. Real estate agent Matthew Coombs of Jellis Craig Richmond describes the area as an “island” where residents rarely venture outside its boundaries due to its abundance of lifestyle options. The current median value for houses in Richmond is $1,444,395, while units and townhomes sit at $637,225.
Despite a more gradual growth rate of 7.2% over the past five years, Richmond remains a savvy choice for homebuyers, particularly given its proximity to affluent neighborhoods like South Yarra and Toorak. Coombs notes the area’s appeal to various demographics, including first-home buyers and downsizers, all drawn to the vibrant lifestyle and community feel.
Both agents agree that the latest global recognition adds momentum to already desirable neighborhoods. The spotlight on Montague Road and Swan Street not only highlights their unique cultural offerings but also reinforces buyer demand. As the market continues to evolve, the allure of these two streets promises to shape property trends in the months ahead.
For those considering a move, the time to act may be now. With both areas experiencing a surge in interest, buyers seeking walkable, lifestyle-centric suburbs will want to keep a close eye on these developments. As both streets master the art of attracting culture and community, the question remains: will property prices follow suit?
