A leader in local real estate

It probably comes as little surprise that East Melbourne sits among Victoria’s most affluent suburbs when it comes to real estate.

According to the Real Estate Institute of Victoria (REIV), East Melbourne’s median house price of $2,775,000 at the end of the March quarter nudges out other high-performing suburbs like Armadale, Camberwell and Caulfield North to place as the 10th most expensive in the state.

What will come as a surprise is the journey of East Melbourne’s highest performing agent, Caine Real Estate’s Peter Hannon.

Growing up in Belfast, Mr Hannon ventured out to Australia 10 years ago on, much like countless others from the Emerald Isle, a working holiday visa.

With a Bachelor of Property Finance and Valuation already to his name, Mr Hannon found visa sponsorship at Caine Real Estate, and after seven years, which included runner-up in the Australasian Real Estate Results Awards Young Agent of the Year and being named in Australia’s Top 50 “Young Gun” Agents by Real Estate Business, he now sits as a partner of that very agency.

“As an agency, Caine Real Estate has just gone 20 years in East Melbourne,” Mr Hannon said. “I feel very privileged to have worked almost exclusively in this suburb for a big portion of that time.”

Over that time, we have managed to establish ourselves in this incredibly strong community and that’s why we continue to have the success we do.

Founded in 1997 by current director, Paul Caine, the Caine Real Estate brand has grown and evolved over time, but one constant has remained: its undeniable status as East Melbourne’s eminent agency for purchasing, leasing and selling property.

Walking down Powlett or Hotham streets it is genuinely hard to imagine you’re only a kilometre’s walk to the CBD, Bridge Rd or Fitzroy.

As Mr Hannon will say, East Melbourne is truly unique in its sense of still. This is a local trait that lures buyers close and far, coupled with a near flawless preservation of local history and heritage architecture.

“We have a lot of people who are attracted to the suburb because of the proximity to everything you need. You have the city, the MCG, Collingwood, Richmond; you have pretty much everything at your doorstep or a short distance away,” Mr Hannon said.

“Due to the advocacy of the East Melbourne Group, the suburb’s architecture and history has been protected, unlike other areas that have seen a lot of high-rise development.”

“You will find a lot of people who live in East Melbourne will never leave East Melbourne.”

According to Mr Hannon, properties in East Melbourne are considerably more resilient than other areas in times of uncertainty, like a global pandemic.

With the luxury of financial stability, many of East Melbourne’s investor market have been able to hold on to stock, causing a drought in new listings.

Now, as we continue to live in more stable times, Mr Hannon expects the market to hold steady during the federal election and into winter, foreseeing a flurry of spring selling activity.

“One of the key aspects of the East Melbourne real estate market is that it attracts a diverse buyer pool. We are not just reliant on one source; it is fairly resilient market through tough times and good,” he said.

“Once these new developments along Albert St are complete, you will have a row of extremely luxury apartments in arguably the best location in Melbourne. If you were an Eastbourne owner and up the road you have a similar sized apartment selling for $1 million more, it is going to be a good thing for you.”  •

For more information: caine.com.au