History and Culture of Ivanhoe, Victoria
Ivanhoe is a suburb of Melbourne, Victoria, Australia, located 10 kilometers north-east of Melbourne's central business district. The suburb is situated on a hill overlooking the Yarra River and the surrounding parklands, making it a popular residential area for those seeking to escape the hustle and bustle of the city.
Ivanhoe has a rich history dating back to the early 1800s. It was originally inhabited by the Wurundjeri people, and evidence of their presence can be seen in the form of rock carvings and other cultural artifacts that have been found in the area. In the mid-19th century, European settlers began to establish farms and homesteads in the area, and Ivanhoe grew rapidly as a result.
Throughout the years, Ivanhoe has developed into a hub of cultural and artistic activity, with a thriving arts scene that includes museums, galleries, and theaters. The town has also become known for its picturesque parks and gardens, including the Ivanhoe Park, Bellbird Park, and the Yarra Bend Park, which offer visitors stunning views of the surrounding landscape.
In addition, Ivanhoe is home to numerous cultural festivals and events throughout the year, including the Ivanhoe Greek festival, the Ivanhoe Makers Market, and the Ivanhoe Traders' Association art and craft market. These events showcase the rich cultural heritage of the area and provide a platform for local artists and artisans to showcase their work.
The suburb of Ivanhoe is steeped in history and culture, and its residents take great pride in maintaining its heritage and traditions. From its early Wurundjeri roots to its present-day modernity, Ivanhoe has a timeless appeal that will continue to attract visitors and residents for generations to come.
Ivanhoe Real Estate Market Trends and Future Prospects
Ivanhoe is a tiny, yet luxurious suburb in Melbourne, Victoria, with a population of over 12,000 as per the 2016 Census. As of June 2021, the median property price in Ivanhoe is $2,150,000, with houses valued at an average of $2,407,500, and units selling for an average of $763,750.
In the last year, the average sale price of homes has increased by 21.3%, which speaks volumes about the stability of the Ivanhoe real estate market despite the pandemic. Ivanhoe's property market has always been attractive to buyers, primarily due to the suburb's riverside location, its high-end amenities and services, and its accessibility to Melbourne's CBD, which is just 10 km away. Additionally, buyers are attracted to the suburb's high-end schools and safe, friendly, and family-oriented neighbourhoods.
While COVID-19 caused instability in many property markets across Australia, Ivanhoe's real estate market fared reasonably well in 2020, with the average property price recording a slight increase of 0.9%. This stability might be attributed to the fact that buyers are standing by their decisions in purchasing their dream homes and looking for better, more comfortable homes to work and stay in their safe bubble.
Industry experts suggest that the real estate market in Ivanhoe will see steady growth over the next few years, making it a safe investment destination for buyers looking for long-term investments. This prediction is rooted in the suburb's steady population growth, stable demand for properties, and the suburb's leafy, serene atmosphere, which most buyers' relish when searching for a dream home.
The investor market is another selling point for Ivanhoe's real estate market. Due to an increasingly great demand from investors, there has been a notable improvement in the rental market. In line with many other Melbourne suburbs, median rent prices rose to appeal to an array of tenants in Ivanhoe. House prices also held up well during this period, offering potential investors with a stable outlook in terms of property values and yield.
In the last year, developers have also started setting their sights on Ivanhoe, with various high-end housing and apartment complexes under development. The new developments will offer various options for homebuyers, ranging from estates and units to modern stand-alone homes and apartment designs. The development is projected to attract more middle and upper-middle-class buyers looking to live amongst lavish suburban amenities and property developments.
To summarise the trends in the Ivanhoe real estate market, the average price per sq.m of property and the number of property transactions remained steady throughout the last year while the rental market continued to grow due to an increase in investor interest. With the implementation of new infrastructure projects such as parks, upgraded playgrounds, improved walking paths, and residential development projects, buyers can expect an influx in property options that cater to their preferences.