September 08, 2014
Yew Kong Lye
Essendon, do you know?…
Essendpn mortgage broker Yew Kong Lye looks at the appeal of this growth suburb.
Essendon and the banks of the Maribyrnong River were originally inhabited by the Wurundjeri clan of the Woiwurrung speaking people of the Kulin Aboriginal nation.
In 1851 the gold rush opened up the Moonee Ponds District with miners travelling along Mount Alexander Road to Castlemaine.
Essendon Post Office opened on 18 August 1856 and in 1862, 169 residents sought the formation of the Borough of Essendon and Flemington.
On 9 January 1871, the Victorian Railways services began between Essendon and Melbourne, following an unsuccessful private railway operating from 1860 until 1864.
It’s the next door neighbour of Moonee Ponds and all the attractions of the suburb is within easy reach. Of course, it’s the spiritual home to Essendon Football Club at Windy Hill.
It is 10 km from the city and has everything going for it, cafes; good restaurants; public transport; Essendon Football Club; etc. The Essendon DFO in Essendon Airport is conveniently located
What is Significant in Essendon
“North Park”, as it was originally called, is now the regional headquarters of the St. Columban’s Missionary Society. This property boasts of a magnificent 42 roomed mansion built in 1888 and was Victorian heritage listed in 1997.
It was first purchased by Alexander McCracken in 1887 for 5,000 pounds. Alexander was son to Robert McCracken who arrived from Scotland. In 1851, Robert together with his brother-in-law James Robertson established Melbourne’s “City Brewery” which was bought over by Carlton and United in 1907.
The interior of the residence is architecturally important for its rich decoration including the beautiful main stairway, timber panelling, pressed metal ceilings, plaster friezes and elaborate stained glass windows. North Park makes interesting reading.
If you’re considering purchasing a property for either living in it or for investment refer to my blog for the 3 most important checks and balances that you need to perform before signing the contract.
Apart from those checks, it’s needless to say that, the more information about the area you have, the better it is. Apart from the attractions and services that area offers, you will probably be interested to learn about some other more technical data like:
Essendon home prices rise 15.3%
The Essendon median house price is currently around $870,000, and over the last five years the suburb has enjoyed property price growth of 15.3% - a fantastic result! Units are more affordable with a median price about $441,000 – definitely well within the reach of Moonee Ponds first home buyers.
Better value for Essendon home loan customers
Given that Essendon is roughly on the same radius from the CBD as Camberwell, where the median house/unit prices are $1.4 million and $665,000 respectively, it’s clear that an Essendon home loan offers plenty of buying power. For more ideas of choosing a property location check out my recent blog.
Essendon offers great opportunities for lifestyle and capital growth. To find out more about buying a home or investment property in the area, contact Essendon home loan specialist Yew Kong Lye on 039943 0189 or 0413 871 888 today.
What do you love most about Essendon? Be sure to share our blog on Facebook and let others join the conversation.
*RP Data Suburb ScoreCard, Corporate Edition. Data Set April 14 published July 14.