Suburb on the rise: Flemington
Flanked by the Maribyrnong River and a tributary of the mighty Yarra, Flemington is known for far more than being the home of that racecourse. Just a stone’s throw away from the CBD, this is a suburb on the rise due to an influx of newcomers who are embracing the neighbourhood’s city-side locality and multi-faceted character.
For some time, Pace has recognised Flemington’s inner-suburban appeal as a true Melbourne cultural icon – we take our sport seriously here, after all. Over several years, we’ve been busy making plans to unveil The Darley; our vision to create a horseshoe-shaped architectural landmark within the historic grounds of Flemington Racecourse.
Over the next 15 years, Flemington’s population is forecast to increase by 3.1 per cent each year, welcoming a further 3,200 residents by 2036. This is reflected in a housing market with an impressive median price growth of 12 per cent for apartments over the year to 2021 as well as a low vacancy rate at under 4 per cent.
Flemington’s current population is dynamic, with demographics skewing younger, more tertiary-educated and more professional – with a higher per person income than the Melbourne average. This has sparked demand for smaller homes and apartment living to suit savvy young professionals picking a property investment winner.
It’s impossible to think of Flemington without considering the world-famous racetrack where roses bloom and equine legends are made. But residents also enjoy a diverse mix shopping villages, vibrant events at the Showgrounds, easy access to a range of universities and green places like Farnham House Reserve or Debney’s Park.
You just need to look to neighbouring infrastructure investment to see how Flemington’s livability is only set to improve:
· Macaulay and Arden Urban Renewal Precincts are two brand new neighbourhoods – to be brought to life on Flemington’s doorstep – which will bring $7 billion in development including sustainable transport, employment and open social spaces from 2026.
· The $60 billion Melbourne Metro Tunnel project will connect more trains to Flemington while streamlining the city commute.
· Kensington Community and Recreation Centre will cement the area’s undeniable sporting credentials, with the community facility coming by 2024, adding multiple local swimming pools, a gymnasium and a stadium that will be home to three basketball and netball courts.
As Flemington continues to rise, we at Pace will continue to respect its heritage while contributing boldly to its future – endeavoring to provide future residents at The Darley with an unparalleled lifestyle and long-term capital growth.