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Prahran Melbourne is now in hig...

Prahran Melbourne is now in high demand

Having previously been a working-class inner-city suburb, Prahran in Melbourne is now a city that is luxurious and is full of property in high demand.

Prahran has seen several developments as it has also been home to migrants during the '50s and '60s, reports Domain.

However, now the city is coming alive with high-quality shops, fashion boutiques and a slew of restaurants and bars, which is sure to be helping the local economy.

According to reports from Domain, the areas that have most changed for the better are Chapel Street and the Prahran market, which will celebrate the opening of another restaurant to further boost the food and beverage industry in the area.

Speaking on the resurgence of the area, James McCormack Marshall White agent said: "For a time Prahran was looked on as a B-grade part of the world. Now, from a lifestyle point of view, it's where a lot of people want to be."

Figures from realestate.com.au state that the average house price in Prahran is $1.26 million (£616,400), which sees it joining the luxury end of the property market, but it's more affordable than living in Melbourne city proper.

The area tends to attract buyers who lived in Prahran in previous years and who look to own property where they originally grew up.

Although the average house price is relatively affordable, there are still high-end properties available for those who are interested in buying or investing in luxury housing.

One of these such properties is in Linden Court in Prahran and has a bottom price listing of $3.5 million. It's expected however that this property will achieve higher than the quoted price as the area is attracting much interest.

For this price, the house has four bedrooms, three bathrooms and four car spaces, so there's plenty of room for visitors, or for renting out to holidaymakers in the area.

This particular street is heritage-listed, further adding to its luxury appeal and attraction for wealthy buyers and investment.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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