The tiny town of Carisbrook has been tipped as a real estate spot to watch — a few years after a local former church hit the market with suggestions it could contain hidden treasure.
A Melbourne suburb that hosts the world’s coolest street and a regional town that’s home to fewer than 1500 people have been tipped as Victoria’s top property markets to watch
Real estate guru and industry doyen John McGrath’s annual McGrath Report released today has named Victoria’s best bets as Northcote, Essendon West, West Melbourne, Box Hill and the tiny goldfields town of Carrisbrook.
Northcote got the nod for its bar and restaurant culture, as well as High St being named 2024’s coolest street in the world by Time Out magazine.
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But it was one of the most expensive tips on the list, with PropTrack’s latest data showing it costs $1.612m to get a typical house in the suburb, while a median priced unit will set you back $640,000.
McGrath Northcote principal Gino De Iesi said the suburb had always been vibrant and attracted a broad mix of first-home buyers, families, professionals and downsizers — but there was still a buzz along its restaurant and bar-filled High St after the 2024 accolade.
“And there’s certainly a lot of demand at the moment,” Mr De Iesi said.
24 Oldis Ave, Northcote, recently sold for $1m more than it last made 11 years ago.
69 Mitchell St, Northcote, goes to auction on October 25 with a $2m-$2.1m asking price in an example of what is attracting buyer attention today.
In a sign of what the suburb can do, he pointed to a recently sold home in Oldis Ave that soared more than $1m to $2.7m after late notching $1.68m a bit over a decade prior.
Mr McGrath also flagged Carisbrook between Ballarat and Bendigo, as a historic and tourist-friendly option where house prices were “still relatively affordable at $560,000, for those who get in quick”.
Agents handling sales in Carisbrook noted that while a smaller, quieter area than its near neighbour Maryborough, a strong local community and more affordable prices could easily help it stand out.
The two-bedroom house at 20 McLachlan St, Carisbrook, is under offer after being listed for $320,000.
Ballarat Real Estate Maryborough’s Alisa Johnson said even with only a few hundred homes, and the last Census putting the population at under 1200 in 2021, it was an area that could easily attract overspill from better-known neighbours.
“It’s very close knit,” Ms Johnson said.
She added that her last sale in the suburb attracted two offers after its first open for inspection, and was under contract within the week.
Ms Johnston said the wider area was now also starting to attract the attention of investors and buyer’s agents, which had been rare for the past few years.
12 Howard St, Box Hill, is under offer after being listed with a $1.75m-$1.85m asking price.
6 Beryl St, Essendon West, gives an idea of what you get for the money in the suburb, with a $1.36m-$1.49m asking price.
Essendon West made the list as an affordable alternative for families priced out of Essendon.
But it’s a relative figure, as it still comes with a $1.388m median house price that’s more than $300,000 below it’s pricier neighbour where a typical home sets you back $1.7m.
And major infrastructure projects including Suburban Rail Loop Plans for Box Hill, the most expensive suggested suburb with a $1.67m median house price, and the imminent completion of the Metro Tunnel for West Melbourne, were key to their nominations.
In 2024, Mr McGrath tipped Keilor East, St Kilda East, Glen Waverley, Altona North and Spring Gully, near Bendigo, as suburbs to watch.
This Spencer St, West Melbourne, home sold in October for $1.592m.
House values in the five suburbs have subsequently recorded growth of 3-5 per cent, adding tens of thousands of dollars to local prices, despite Victoria’s housing market only turning a during the course of 2025.
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