Tag: first home buyers

The Preston property market has the lowest entry price of Melbourne’s home turf suburbs, and it’s the busiest. On Hotspotting’s 2 November 2026 report, the median house is $1.2 million and the median unit is $573,000, with 357 house sales in the past year.

Below I cover what Preston costs, whether first home buyers can avoid stamp duty, how it stacks up for investors, how competitive it is right now, and what’s being built.

Key points

• Median house $1,200,000, up 1% in 12 months. Median unit $573,000, up 1%.
• The median unit sits under the $600,000 line where eligible first home buyers pay no stamp duty.
• House vacancy is 1.7% and gross yield 3.6%, so Preston passes Hotspotting’s rental test.
• Pressure has eased. The Thermometer reads 50, down from 61 a year ago.
• About 10 km from the CBD, in the City of Darebin, with 33,790 people in the 3072 postcode.

Buying in Melbourne’s North in the next few months? I have 3 Foundation Client places at half my standard fee. Answer 7 questions to see if you fit.

What Is the Median House Price in Preston?

The median house price in Preston is $1,200,000, up 1% over 12 months, with five-year growth averaging 1% a year. That’s the lowest median house price of the five home turf suburbs I cover, well under Northcote ($1,653,000) and Thornbury ($1,451,000).

Preston is also the deepest market of the group. 357 houses sold in the past year, and Hotspotting classes its sales volume as consistent. More sales means more evidence when you’re working out what a property is worth.

What Do Units Cost in Preston?

The median unit is $573,000, up 1% in a year, and units sell in about 28 days. Unit vacancy is 1.2% and the median unit rent is $570 a week.

Can first home buyers avoid stamp duty in Preston?

Eligible first home buyers in Victoria pay no stamp duty on a home up to $600,000, according to the State Revenue Office. Preston’s median unit sits under that line. On a $573,000 purchase, standard duty would be about $29,000, so the exemption makes a real difference to your upfront costs.

Check your own eligibility before you count on it. My first home buyer guide covers the exemption, the grant and the 5% Deposit Scheme.

Is Preston a Good Suburb for Investors?

On the rental numbers, Preston stands out from its neighbours. House vacancy is 1.7% and the gross yield is 3.6%, with median house rent at $720 a week. It’s the only one of the five home turf suburbs that passes Hotspotting’s rental test, which looks for vacancy under 3% and yield above 3.5%.

Growth has been flat over the past year, at 1% for houses and units, so Preston suits investors who value steady rent and a deep resale market over a quick gain.

How Competitive Is the Preston Property Market Right Now?

Competition is still firm but easing. 46.6% of homes sold above asking, houses sell in about 26 days, and there are 3.3 months of stock on the market.

Hotspotting’s Thermometer, its 0 to 100 measure of market pressure, reads 50. That’s down from 57 three months ago and 61 a year ago. For buyers, that means more time to read the section 32 and get a building inspection done before you commit.

What’s Being Built in Preston?

Hubexo data in the Hotspotting report lists 10 active projects in Preston worth a combined $427 million. Two of note are a proposed $50 million new campus for Preston High School, at concept stage, and a $39.2 million medical centre at 73 to 77 Plenty Road, in design.

How Does Preston Compare With Northcote and Thornbury?

Suburb	Median house	Median unit	Yield
Preston	$1,200,000	$573,000	3.6%
Thornbury	$1,451,000	$618,000	3.2%
Northcote	$1,653,000	$618,000	3.0%

Suburb	Above asking	Thermometer
Preston	46.6%	50
Thornbury	44.1%	59
Northcote	49.2%	51

Data: Hotspotting suburb reports issued 2 November 2026, drawing on PropTrack, Hubexo and ABS Census 2021 data. The full five-suburb comparison is in my inner north Melbourne suburbs guide.

What I Know About Preston

Preston was my second home through footy. I played finals, grand finals and VFA games at the ground near Preston Market, and later coached juniors with the Northern Knights out of the same ground.

Frequently Asked Questions

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The Preston property market offers the lowest way into Melbourne’s home turf suburbs, a deep pool of sales and rents that work for investors. If you’re weighing up Preston, book a free call and I’ll walk you through the streets I’d look at first.

Jason McCall is a licensed buyer’s agent and buyer’s advocate (licence 091847L) and the founder of Buyer’s Agent Victoria Pty Ltd (licence 091857L), based in Thornbury. He is a member of the REIV and PICA.

If you’re weighing up inner north Melbourne suburbs, the five I know best are Northcote, Thornbury, Preston, Fairfield and Alphington. I was born in Thornbury in 1976 and I’m still based here today as a buyer’s agent.

This guide compares all five using Hotspotting suburb reports issued on 2 November 2026: prices, growth, competition, rents and who each suburb suits. The short version is that every one of them has cooled since last spring, which gives buyers more time to do their checks.

Key points

• Preston has the lowest median house price of the five at $1.2 million. Alphington has the highest at $1.84 million.
• Fairfield has the cheapest units at $490,000. Preston’s $573,000 unit median sits under the $600,000 first home buyer stamp duty line.
• Northcote is the most competitive, with 49.2% of homes selling above asking.
• Thornbury is the tightest market, with 2.4 months of house stock and a Thermometer score of 59 out of 100.
• Alphington is the coolest, with a Thermometer score of 34, down from 58 a year ago.

Buying in Melbourne’s North in the next few months? I have 3 Foundation Client places at half my standard fee. Answer 7 questions to see if you fit.

How Do Northcote, Thornbury, Preston, Fairfield and Alphington Compare?

Here are the headline numbers side by side. House figures are 12-month medians and the Thermometer is Hotspotting’s 0 to 100 measure of market pressure.

Prices and growth

Suburb	Median house	12 mo	Median unit
Northcote	$1,653,000	+4%	$618,000
Thornbury	$1,451,000	+5%	$618,000
Preston	$1,200,000	+1%	$573,000
Fairfield	$1,650,000	+8%	$490,000
Alphington	$1,840,000	+13%	$788,000

Competition and rents

Suburb	Above asking	Stock (months)	Yield	Thermometer
Northcote	49.2%	3.9	3.0%	51
Thornbury	44.1%	2.4	3.2%	59
Preston	46.6%	3.3	3.6%	50
Fairfield	33.3%	5.7	2.9%	50
Alphington	26.1%	5.4	2.8%	34

Data: Hotspotting suburb reports issued 2 November 2026, drawing on PropTrack, Hubexo and ABS Census 2021 data.

Is Northcote Still Competitive in 2026?

Yes. Northcote has the strongest bidding of the five, with 49.2% of homes selling above asking in the past year. The median house is $1,653,000, up 4%, and homes sell in about 25 days.

Pressure has eased, though. Hotspotting’s Thermometer reads 51, down from 67 a year ago, so you have more time for due diligence than last spring. Units sit at $618,000, up 2%, and house rents are about $870 a week, a 3.0% gross yield.

My pop, the old boy, worked at the Carters Arms Hotel on the corner of High Street and Separation Street. That corner is Northcote Central shopping centre now, which says a lot about how far Northcote has come.

Why Is Thornbury the Tightest Market of the Five?

Thornbury has just 2.4 months of house stock, the least of the group, and the highest Thermometer score at 59. The median house is $1,451,000, up 5%, and 44.1% of homes sold above asking.

The unit story stands out. The median unit is $618,000, the same as Northcote, but it rose 13% in a year, the strongest unit growth of the five. If you’re buying a unit here, have finance and your section 32 review ready before you inspect.

I grew up here, riding bikes around Thornbury with school mates and ending up at the Northcote pool most summer days. My old school, Wales Street Primary, has a $21.3 million stage two at the concept stage.

Is Preston the Most Affordable of These Inner North Suburbs?

On price, Preston is the easiest way in. Its median house is $1.2 million, the lowest of the five, and it was the busiest market with 357 house sales in 12 months. Growth was flat, at 1% for houses and units.

The median unit is $573,000. That sits under the $600,000 threshold where eligible first home buyers pay no stamp duty, according to the State Revenue Office. Preston is also the only one of the five that passes Hotspotting’s rental test, with 1.7% vacancy and a 3.6% gross yield on houses.

Preston was my second home through footy, from finals at the ground near Preston Market to coaching juniors with the Northern Knights. My full Preston property market guide goes deeper.

What Makes Fairfield Different?

Fairfield is small and tightly held. Only 47 houses sold in the past year, at a median of $1,650,000, up 8%. Hotspotting rates its sales volume as declining, so good houses come up less often.

Units are a different story. At $490,000, Fairfield has the cheapest unit median of the five, after a 9% fall over 12 months. House stock is up to 5.7 months, which gives organised buyers more to choose from right now.

My daughter did kinder at the Uniting Church on Duncan Street and dance classes at the Fairfield Community Centre on Station Street, so I know these streets well.

Why Is Alphington Expensive but Cool?

Alphington has the highest median house price of the five at $1,840,000, and the strongest house growth, up 13%. Yet its Thermometer has dropped from 58 to 34 in a year, and only 26.1% of homes sold above asking.

Units went the other way, falling 13% to $788,000, and they take about 35 days to sell. With 2.4% vacancy and a 2.8% house yield, Alphington suits owner-occupiers more than investors. Cooler competition can mean room to negotiate on the right property.

I spent more than 20 years at Parkside Football Club and started its junior program in 2001, which is now the Parkside Junior Football Club.

Which Inner North Melbourne Suburbs Suit You?

• First home buyers: Preston units ($573,000) and Fairfield units ($490,000) both sit under the $600,000 stamp duty threshold. See my first home buyer guide.
• Investors: Preston, the only one of the five passing Hotspotting’s rental test.
• Buyers who want room to negotiate: Alphington and Fairfield, with 5.4 and 5.7 months of stock.
• Buyers ready to compete: Northcote and Thornbury, where around half of homes sell above asking.

A cooler market is the time to do your checks properly. Read the section 32 before you bid, and know your cooling off rights before you sign.

Frequently Asked Questions

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Each of these inner north Melbourne suburbs suits a different buyer, and the numbers move every month. If you’d like a second opinion on where your budget goes furthest, book a free call and we’ll work it through together.

Jason McCall is a licensed buyer’s agent and buyer’s advocate (licence 091847L) and the founder of Buyer’s Agent Victoria Pty Ltd (licence 091857L), based in Thornbury. He is a member of the REIV and PICA.