Why We Love Preston
Only 9 km to the Melbourne CBD, Preston is a lively suburb with a rich history. With a mix of long-term residents and new buyers, Preston is a thriving community that offers a fantastic lifestyle for young and old.
Preston was named after a village in Sussex, England that its first residents remembered with fondness. It was first surveyed in 1837 and as the suburb grew, many buildings and institutions grew with it – some of which are still going strong today. The Preston Cricket Club was formed in 1901, and in 1894 the Preston Public Hall was constructed. Myer Emporium purchased land which led to the opening of the Northland Shopping Centre in 1966.
That being said, Preston is a suburb that is moving forward. An influx of young families and singles has seen the area host new bars, restaurants and entertainment venues, connected by a great transport system. There is something for everyone in Preston!
Location
Less than 10kms north of the city, Preston offers easy access to the CBD and to the range of destinations and attractions the Northern suburbs have to offer. The suburb has the Darebin Creek to the east, and is built on flat terrain that was originally ideal for the farms that made up its first properties, but are now perfect for residential and industrial development.
Bordered by Heidelberg West, Reservoir, Coburg and Thornbury, Preston is approximately 11.5 square kilometres in size and has 19 parks, which cover almost 3.6% of the total area. The suburb has the Epping train line running through it, plenty of tram and bus routes, and a main road offering easy travel.
People
While home to many long term residents, Preston has seen an influx of new buyers, many attracted by the Californian bungalows with spacious backyards. Established couples and families make up the biggest group at 17.7% of residents, with independent youth following close behind at 17.1%. The smallest group is elderly families (1.3%), young families (2.6%), and elderly couples at 4.8% of residents.
59% of residents own their home, with the remaining 41% renting. Families make up 40% of residents, while singles (especially young singles) are responsible for the new café and bar culture developing in Preston. While all age groups are represented, Preston has a relatively young population with the biggest age group being 20-39.
Lifestyle
Preston hosts a diverse, multicultural population and there are a wide range of lifestyle options for everyone. Preston Market attracts people from all walks of life with fresh produce and a community vibe. The multicultural population bring a range of dining options to complement the trendy bars and café scene, and an extensive public transport system covers the suburb to help residents get around.
Northland is Preston’s local shopping centre and is the largest in the northern suburbs with more than 300 shops and a cinema. Preston is well supplied with notable schools, with public and specialist schools and a TAFE college in the suburb. There are many parks and recreational areas to take children out of the house, with 19 parks offering green spaces to play in.
The Darebin Arts and Entertainment centre is located in Preston, with a wide range of performances throughout the year including some from community groups. PAM lane offers art and craft from local creatives, as well as little pop-up vendors selling a wide range of goods. Preston also has a vibrant music scene, hosting local and outside talent.
Homes
The suburb features some stand-out public buildings rich in history, but Preston’s past is also evident in the backstreets, with Art Deco style houses and weatherboard Californians. More recent homes offer space and lifestyle for families, while modern apartments are ideal for singles.
Preston has a median house price of $900,000, and the median price of a unit is $461,500. The average rent paid within the suburb is $495 per week. The majority of people in Preston are professional workers, and households are likely to be paying between $1800 – $2,399 per month on their mortgage repayments.
Settled and Vibrant
Preston may have been around for a long time, but as new residents come in, they have brought an updated scene that makes Preston a go-to destination for people in the area. There are a range of lifestyle options and a diverse population, with many types of properties catering to the different age groups and life stages.
As the areas closest to the Melbourne CBD become more desirable (and therefore more expensive), neighbouring suburbs like Preston are an increasingly attractive option for their proximity and easy accessibility to the city. As the gentrification of bordering suburbs continues, Preston is still a great choice for homebuyers and we encourage buyers to get in quick as Preston home values continue to rise also, ensuring a fantastic return on investment.
If you’re looking for a house in Melbourne’s Northern suburbs, come and see the team at Love & Co to see if a property in Preston could be right for you.
Image source: Street Art News